§ 125.2231 Short title
§ 125.2232 Legislative findings; declaration
§ 125.2233 Definitions
§ 125.2235 Incorporation as nonprofit corporation
§ 125.2237 Articles of incorporation; contents
§ 125.2239 Articles of incorporation; review and certification by attorney general; exception
§ 125.2241 Filing with state treasurer; exception
§ 125.2243 Board of directors
§ 125.2245 Delegation of certain acts; fund manager as fiduciary; evaluation of business and industry for investment purposes
§ 125.2247 Agreements with investors; modification of existing agreement
§ 125.2249 Michigan early stage venture investment fund; investment plan; criteria; modification of existing agreement or investment
§ 125.2251 Annual financial audit
§ 125.2253 Tax voucher certificates
§ 125.2255 Construction of act
§ 125.2257 Annual report
§ 125.2259 Actions required
§ 125.2261 Expiration of fund
§ 125.2263 Conditional effective date

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Terms Used In Michigan Laws > Chapter 125 > Act 296 of 2003 - Michigan Early Stage Venture Investment Act of 2003

  • Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
  • Alternative energy technology: means that term as defined in section 2(d) of the Michigan next energy authority act, 2002 PA 593, MCL 207. See Michigan Laws 125.2233
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • annual meeting: when applied to townships, mean the annual meeting required by law to be held on the Saturday immediately preceding the first Monday in April. See Michigan Laws 8.3d
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Articles: means articles of incorporation, all amendments to articles of incorporation, and agreements of consolidation and merger. See Michigan Laws 487.11201
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Association: means a federal savings association organized under section 5 of the home owners' loan act, 12 USC 1464, or a savings and loan association, building and loan association, or homestead association that is organized under the laws of a state, the District of Columbia, or a territory or protectorate of the United States, and whose deposits are insured by the Federal Deposit Insurance Corporation. See Michigan Laws 487.11201
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Bank: means a state banking corporation that is organized or reorganized under this act or organized under any law of this state enacted before March 1, 2000, including a state banking corporation that voluntarily limits its activities. See Michigan Laws 487.11201
  • Board: means the Michigan early stage venture investment corporation board of directors. See Michigan Laws 125.2233
  • Branch: means , except as otherwise provided in this subdivision, a branch bank, branch office, branch agency, additional office, or a branch place of business at which deposits are received, checks paid, or money lent. See Michigan Laws 487.11201
  • Conflict of interest: means a situation in which the private interest of a director, employee, or agent of the board may influence the judgment of the director, employee, or agent in the performance of his or her duties or responsibilities under this act. See Michigan Laws 125.2233
  • Consolidated bank: means a bank that results from a consolidation between a bank and 1 or more banks, out-of-state banks, national banks, associations, or savings banks. See Michigan Laws 487.11201
  • consolidation: include , respectively, consolidate or merge, consolidated or merged, consolidating or merging, and consolidation or merger. See Michigan Laws 487.11201
  • Contract: A legal written agreement that becomes binding when signed.
  • Conviction: A judgement of guilt against a criminal defendant.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • county drain commissioner: means the elected county drain commissioner or the person or persons designated to perform the duties of the elected county drain commissioner as provided in section 21 and 21a. See Michigan Laws 280.4
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • department: means the department of insurance and financial services. See Michigan Laws 487.11201
  • Depository institution: means a bank, out-of-state bank, national bank, foreign bank branch, association, savings bank, or credit union organized under the laws of this state, another state, the District of Columbia, the United States, or a territory or protectorate of the United States. See Michigan Laws 487.11201
  • director: means the director of the department. See Michigan Laws 487.11201
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Dissolution: means the process by which a solvent bank voluntarily ends its corporate existence by liquidating its assets and winding up its affairs. See Michigan Laws 487.11201
  • drain: whenever used in this act , shall include the main stream or trunk and all tributaries or branches of any creek or river, any watercourse or ditch, either open or closed, any covered drain, any sanitary or any combined sanitary and storm sewer or storm sewer or conduit composed of tile, brick, concrete, or other material, any structures or mechanical devices, that will properly purify the flow of such drains, any pumping equipment necessary to assist or relieve the flow of such drains and any levee, dike, barrier, or a combination of any or all of same constructed, or proposed to be constructed, for the purpose of drainage or for the purification of the flow of such drains, but shall not include any dam and flowage rights used in connection therewith which is used for the generation of power by a public utility subject to regulation by the public service commission. See Michigan Laws 280.3
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Equity capital: means capital invested in common or preferred stock, royalty rights, limited partnership interests, limited liability company interests, or any other security or rights that evidence ownership in a private business. See Michigan Laws 125.2233
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Fiduciary: A trustee, executor, or administrator.
  • Financial institution: means an organization that is licensed, chartered, or regulated by the department under the laws of this state. See Michigan Laws 487.11202
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Foreign country: means a country other than the United States and includes a colony, dependency, or possession of a country other than the United States. See Michigan Laws 487.11202
  • High-technology activity: means that term as defined in section 3(g) of the Michigan economic growth authority act, 1995 PA 24, MCL 207. See Michigan Laws 125.2233
  • Holder: means a person that has a tax voucher certificate or the right to be issued a tax voucher certificate from the Michigan early stage venture investment corporation. See Michigan Laws 125.2233
  • in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Institution: means a bank, state agency, or state foreign bank branch operating or organized or reorganized under this act or operating or organized under any law of this state enacted before August 20, 1969. See Michigan Laws 487.11202
  • Investor: means an individual, firm, bank, financial institution, limited partnership, co-partnership, partnership, joint venture, association, corporation, receiver, estate, trust, or any other entity that invests in the fund. See Michigan Laws 125.2233
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Majority leader: see Floor Leaders
  • Messenger service: means a service such as a courier service or an armored car service that picks up from or delivers to customers of 1 or more depository institutions, or 1 or more affiliates of a depository institution, cash, currency, checks, drafts, securities, or other items relating to transactions between or involving a depository institution or affiliate of a depository institution and those customers, or that transfers cash, currency, checks, drafts, securities, or other items or documents between depository institutions or affiliates of depository institutions. See Michigan Laws 487.11202
  • Michigan early stage venture investment fund: means the fund created in section 19. See Michigan Laws 125.2233
  • Michigan economic development corporation: means the public body corporate created under section 28 of article VII of the state constitution of 1963 and the urban cooperation act of 1967, 1967 (Ex Sess) PA 7, MCL 124. See Michigan Laws 125.2233
  • Michigan strategic fund: means the Michigan strategic fund as described in the Michigan strategic fund act, 1984 PA 270, MCL 125. See Michigan Laws 125.2233
  • Negotiated return on qualified investment: means the rate of return agreed upon for investments made by investors in the fund. See Michigan Laws 125.2233
  • Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Out-of-state bank: means a banking corporation that is organized under the laws of another state, the District of Columbia, or a territory or a protectorate of the United States whose principal office is located in a state other than this state, in the District of Columbia, or in a territory or a protectorate of the United States, and whose deposits are insured by the Federal Deposit Insurance Corporation. See Michigan Laws 487.11202
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Person: means an individual, partnership, corporation, limited liability company, governmental entity, or any other legal entity. See Michigan Laws 487.11202
  • person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
  • Probate: Proving a will
  • Quorum: The number of legislators that must be present to do business.
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Seed or early stage business: means a business that is either of the following:
    (i) A business that has not fully established commercial operations and may also be engaged in continued research and product development. See Michigan Laws 125.2233
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Shareholder: means the registered owner of any share or shares of capital stock of an institution. See Michigan Laws 487.11203
  • state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
  • Statute: A law passed by a legislature.
  • Surplus: means the amount paid for issued and outstanding common and preferred stock of a bank in excess of the stated par value, plus any amount of transferred undivided profits and any additional amounts paid in or contributed to increase total capital. See Michigan Laws 487.11203
  • Trustee: A person or institution holding and administering property in trust.
  • United States: shall be construed to include the district and territories. See Michigan Laws 8.3o
  • Venture capital company: means a corporation, partnership, limited liability company, or other legal entity the primary business activity of which is the investment of equity capital in businesses that focus on areas, including, but not limited to, alternative energy technology, high-technology activity, or health care. See Michigan Laws 125.2233