{"data":{"id":"us-mi/mich.-comp.-laws-487.3502","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 487.3502","heading":"Violations; liability of directors or officers.","body":"Sec. 502.\n\nIf the directors or officers of a savings bank knowingly violate or knowingly permit any of the agents, officers, or directors of a savings bank to violate this act or rules of the commissioner made under this act, those directors or officers shall be liable in his or her personal and individual capacity for all damages that the savings bank, any shareholder, or any other person sustains in consequence of the violation. Any action to recover damages shall be brought within 3 years from the time of the violation.","path":["MI Code","Chapter 487","Act Act-354-of-1996"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-487-3502","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"b715c79b90ba245d2f3f16b12705c573d147e03a3e3cad8dce30611e6dc3060d","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-487.3501","next":"us-mi/mich.-comp.-laws-487.3503"},"notice":"GroundRules: Original legal text. Not legal advice."}