Michigan § 487.3220 - Board of directors; less than quorum.
Full text of Michigan Michigan Compiled Laws § 487.3220 — Board of directors; less than quorum., with citation guidance and answers to common questions.
§ 487.3220. Board of directors; less than quorum.
If, because of the suspension or removal of 1 or more directors under this act, the board of directors of a savings bank has less than a quorum of directors, all powers and functions vested in or exercisable by the board shall vest in and be exercisable by the remaining directors on the board. If all of the directors of a savings bank are suspended or removed under this act, the commissioner shall appoint persons to serve temporarily as directors pending the termination of the suspensions or removals, or until such time as their successors are duly elected and take office.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 487.3220
What does Michigan Compiled Laws § 487.3220 cover?
Section 487.3220 ("Board of directors; less than quorum.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Michigan § 487.3220?
A common citation format is "Michigan Compiled Laws § 487.3220" (Michigan). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 487.3220 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Michigan.