{"data":{"id":"us-mi/mich.-comp.-laws-487.13104","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 487.13104","heading":"Expenses of incorporators; reimbursement.","body":"Sec. 3104.\n\nFollowing the date authorized by the commissioner for the bank to commence business, a bank and its incorporators may jointly request permission from the commissioner for the bank to reimburse the incorporators for the incorporators' reasonable and necessary organizational expenses.\n\nA joint request by a bank and its incorporators shall include an accounting of the funds expended by the incorporators which shall be prepared by an independent certified public accountant in accordance with generally accepted accounting principles.\n\nIf the commissioner determines that the accounting of funds expended is substantially similar to the amount disclosed in the application as estimated expenses of organization, the commissioner may authorize the bank to reimburse the incorporators.\n\nThe commissioner may waive the requirements of this section if the expenses of organizing a bank will be paid by a bank holding company.","path":["MI Code","Chapter 487","Act Act-276-of-1999"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-487-13104","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"9f70893b3b07f8562e3bf405c12a787723182e1328e094f2ad9c874edfb4b888","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-487.13103","next":"us-mi/mich.-comp.-laws-487.13105"},"notice":"GroundRules: Original legal text. Not legal advice."}