Michigan Laws 205.304 – Production record, keeping, open to inspection; penalty
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Terms Used In Michigan Laws 205.304
- 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.
- Gas: as used in this act does not include methane gas extracted from a landfill. See Michigan Laws 205.311
- oil: as used in this act means petroleum oil, mineral oil, or other oil taken from the earth. See Michigan Laws 205.311
- Person: as used in this act shall include any person, firm, concern, receiver, receivers, trustee, executor, administrator, agent, institution, association, partnership, company, corporations, and persons acting under declarations of trust. See Michigan Laws 205.312
- 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
Each corporation, association or person mentioned and included in section 1 and 2 of this act shall make, keep and preserve a full and complete record of all such oil produced in this state during the time so engaged in its production, and said record shall be open at all times to the inspection of the Michigan tax commission. Any corporation, association or person failing to comply with this requirement shall be subject to a penalty of not less than 500 and not more than 1,500 dollars payable to the state of Michigan, and such penalty shall accrue for each 20 days of failure to comply with this section with reference to each separate oil or gas well.