Michigan Laws 333.29107 – Industrial hemp fund
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Terms Used In Michigan Laws 333.29107
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Department: means the department of agriculture and rural development. See Michigan Laws 333.29103
- 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.
- Fund: means the industrial hemp fund created in section 107. See Michigan Laws 333.29103
- Industrial hemp: means that term as defined in section 3 of the Michigan Regulation and Taxation of Marihuana Act, 2018 IL 1, MCL 333. See Michigan Laws 333.29103
- Program: means the industrial hemp program established by this act. See Michigan Laws 333.29103
- 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
(1) The industrial hemp fund is created within the state treasury.
(2) The state treasurer may receive the fees collected under section 511 for deposit into the fund. The state treasurer may also receive money or other assets from any other source for deposit into the fund. The state treasurer shall credit to the fund interest and earnings from fund investments.
(3) Money in the fund at the close of the fiscal year remains in the fund and does not lapse to the general fund.
(4) The department is the administrator of the fund for auditing purposes.
(5) The department shall expend money from the fund to establish, operate, and enforce the program.