Michigan Laws 487.2060k – Violation of order; exceptions
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A control person who is subject to an order issued under section 10g(6) and who meets all of the following requirements is not in violation of the order:
(a) The control person shall not in any manner, directly or indirectly, participate in the control of a licensee after the date the order is issued.
Terms Used In Michigan Laws 487.2060k
- Control person: means a director or executive officer of a licensee or a person who has the authority to participate in the direction, directly or indirectly through 1 or more other persons, of the management or policies of a licensee. See Michigan Laws 487.2052
- Licensee: means a person that is licensed under this act. See Michigan Laws 487.2052
- Person: means an individual, corporation, partnership, association, limited liability company, or any other legal entity. See Michigan Laws 487.2052
(b) The control person shall within 6 months after the date the order is final transfer any interest the control person owns in a licensee to an unrelated third party.