Michigan Laws 125.2259 – Actions required
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Not later than 1 year after the effective date of this act or 10 months after the Michigan early stage venture investment corporation receives a determination from the internal revenue service that it is exempt from taxation under section 501(c)(3) or 501(c)(4) of the internal revenue code, whichever occurs later, all of the following shall occur:
(a) The Michigan early stage venture investment corporation shall be established and the board appointed.
Terms Used In Michigan Laws 125.2259
- Board: means the Michigan early stage venture investment corporation board of directors. See Michigan Laws 125.2233
- 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.
(b) A fund manager shall be hired by the Michigan early stage venture investment corporation.
(c) An investment plan shall be established.
(d) Funds shall have been solicited and available for investment consistent with the investment plan.