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Can you summarize MICL 487.13506?

PART 5 OFFICERS AND DIRECTORS (487.13501...487.13507) > Sale of stock or securities; officer or employee as agent prohibited.

Short Summary

Sec. 3506. An officer or employee of any bank, in his or her individual capacity, shall not act as agent in the sale of stock or other securities to any person or receive directly or indirectly any consideration or commission resulting from the sale of stock or other securities by others to the bank by which he or she is employed. History: 1999, Act 276, Eff. Mar. 1, 2000

Jurisdiction

Michigan

Source
MICL 487.13506 [https://reggi.cloud.regology.com/regulations/US-MICL/US-MICL_C_487_SC_276-1999_P_276-1999-3_P_276-1999-3-5_S_487.13506]