Section 487.13910 - Definitions; person acting in best interests of bank or shareholders. - Michigan Statutes

BANKING CODE OF 1999 (EXCERPT)
Act 276 of 1999

487.13910 Definitions; person acting in best interests of bank or shareholders.

Sec. 3910.

(1) For the purposes of sections 3904, 3905, 3906, 3907, 3908, and 3909:

(a) “Fines” includes any excise taxes assessed on a person with respect to an employee benefit plan.

(b) “Other enterprise” includes employee benefit plans.

(c) “Serving at the request of the bank” includes any service as a director, officer, employee, or agent of the bank that imposes duties on, or involves services by, the director, officer, employee, or agent with respect to an employee benefit plan, its participants, or its beneficiaries.

(2) A person who acted in good faith and in a manner he or she reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan shall be considered to have acted in a manner not opposed to the best interests of the bank or its shareholders as referred to in section 3904.

History: 1999, Act 276, Eff. Mar. 1, 2000