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Can you summarize MICL, Act 146 of 1941?
FINANCIAL INSTITUTIONS > U.S. DEFENSE SAVINGS BONDS (487.731 - 487.732)
Short Summary
The provided legal document content authorizes banks, industrial banks, and trust companies to qualify as issuing agents for the sale of United States defense savings bonds and similar obligations. These institutions may deposit and/or pledge assets as required to qualify as such agents. The document does not affect the limitations and restrictions of Act No. 341 of the Public Acts of 1937, except as provided in this act. The document applies to banks, industrial banks, and trust companies, without any specific exemptions or penalties mentioned.
Whom does it apply to?
This document applies to banks, industrial banks, and trust companies.
What does it govern?
The provided legal document content governs the authorization and qualification of banks, industrial banks, and trust companies as issuing agents for the sale of United States defense savings bonds, debentures, notes, or other similar obligations of the United States of America. It also pertains to the deposit and/or pledge of assets by these institutions for the purpose of qualifying as such agents.
What are exemptions?
No specific exemptions are mentioned in this document.
What are the Penalties?
No specific penalties for non-compliance or violation of the document's provisions are mentioned.
Jurisdiction
Michigan