Terms Used In Michigan Laws > Chapter 487 > Act 354 of 1996 > Chapter 7 - Consolidations, Mergers, and Conversions

• Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Appraisal: A determination of property value.
• Articles: means articles of incorporation, all amendments to articles of incorporation, and agreements of consolidation and merger. See Michigan Laws 487.3102
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Association: means a federal savings association organized under section 5 of the home owners' loan act, chapter 64, 48 Stat. See Michigan Laws 487.3102
• Bank: means a state banking corporation organized or reorganized under the provisions of the banking code of 1999, 1999 PA 276, MCL 487. See Michigan Laws 487.3102
• Bank holding company: means a stock or mutual company as defined in the bank holding company act of 1956, chapter 240, 70 Stat. See Michigan Laws 487.3102
• Branch: means a place of business, other than the principal office of a savings bank, at which the savings bank transacts business that may be conducted at its principal office. See Michigan Laws 487.3102
• Bureau: means the office of financial and insurance services in the department of consumer and industry services. See Michigan Laws 487.3102
• Capital: means the stated par value of issued and outstanding unimpaired common stock and the stated par value of issued and outstanding unimpaired preferred stock. See Michigan Laws 487.3102
• Commissioner: means the commissioner of the office of financial and insurance services. See Michigan Laws 487.3102
• Concurrent resolution: A legislative measure, designated "S. Con. Res." and numbered consecutively upon introduction, generally employed to address the sentiments of both chambers, to deal with issues or matters affecting both houses, such as a concurrent budget resolution, or to create a temporary joint committee. Concurrent resolutions are not submitted to the President/Governor and thus do not have the force of law.
• Consolidated organization: means an organization that results from a consolidation of consolidating organizations. See Michigan Laws 487.3102
• Consolidated savings bank: means a savings bank that results from a consolidation between a savings bank and 1 or more banks, out-of-state banks, national banks, associations, or savings banks. See Michigan Laws 487.3102
• Consolidating organizations: means any combination of banks, out-of-state banks, national banks, associations, savings banks, or state or federal credit unions that have consolidated or are in the process of consolidation as provided in section 701 or 702. See Michigan Laws 487.3102
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Director: means a director, trustee, or other person holding a similar position with respect to an organization whether incorporated or unincorporated. See Michigan Laws 487.3102
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fiduciary: A trustee, executor, or administrator.
• Fiduciary: means a trustee, executor, administrator, guardian, conservator, agent, receiver, trustee in bankruptcy, assignee for creditors, or any holder of a similar position of trust. See Michigan Laws 487.3102
• in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q
• Incorporator: means a person who signed the original articles of incorporation. See Michigan Laws 487.3102
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Legislative session: That part of a chamber's daily session in which it considers legislative business (bills, resolutions, and actions related thereto).
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Majority leader: see Floor Leaders
• Member: means a person holding a savings account of a mutual savings bank. See Michigan Laws 487.3103
• Mutual savings bank: means a savings bank for which the articles of incorporation do not authorize the issuance of common or preferred stock. See Michigan Laws 487.3103
• National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. ^{Source: OCC}
• National bank: means a bank chartered by the federal government under the national bank act, chapter 106, 13 Stat. See Michigan Laws 487.3103
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Out-of-state bank: means a banking corporation or savings bank organized under the laws of another state, the District of Columbia, or a territory of the United States whose principal office is located in a state other than this state, the District of Columbia, a territory or a protectorate of the United States, and whose deposits are insured by the federal deposit insurance corporation. See Michigan Laws 487.3103
• Person: means an individual, corporation, limited liability company, governmental entity, partnership, limited liability partnership, or other legal entity. See Michigan Laws 487.3103
• person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
• Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• Quorum: The number of legislators that must be present to do business.
• Savings bank: means a state banking corporation organized or reorganized under this act. See Michigan Laws 487.3103
• Service of process: The service of writs or summonses to the appropriate party.
• Shareholder: means the registered owner of any share or shares of capital stock of a savings bank. See Michigan Laws 487.3103
• state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
• Stock savings bank: means a savings bank for which the articles of incorporation authorize the issuance of capital stock. See Michigan Laws 487.3103
• Subsidiary: means a corporation, mutual company, limited liability company, limited liability partnership, or limited partnership, the controlling interests of which are more than 50% owned by 1 or more federally insured depository institutions, and in which a savings bank has an ownership interest, membership interest, or other legally enforceable interest which has the indicia of ownership. See Michigan Laws 487.3103
• Surplus: means the amount paid for issued and outstanding common and preferred stock in excess of the stated par value, plus any amount of transferred undivided profits, and any additional amounts paid in or contributed to increase total capital. See Michigan Laws 487.3103
• United States: shall be construed to include the district and territories. See Michigan Laws 8.3o
• Value: means the present worth of all rights to future benefits arising from ownership. See Michigan Laws 487.3103