Michigan Laws 38.1212 – Definitions
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Terms Used In Michigan Laws 38.1212
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Bankruptcy trust: means a trust created by a court order, including a plan for adjustment. See Michigan Laws 38.1212
- board: means the governing board of a bankruptcy trust. See Michigan Laws 38.1212
- 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.
- Fund: means a public employee health care fund created under this act or a court order, including a plan for adjustment, and used for the accumulation and investment of funds for the purpose of funding health care for retired employees of the public corporation. See Michigan Laws 38.1212
- person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
- Plan for adjustment: means a plan for the adjustment of debts entered and approved by a federal bankruptcy court for a public corporation. See Michigan Laws 38.1212
- Public corporation: means a county, city, village, township, authority, district, board, or commission in this state. See Michigan Laws 38.1212
- Qualified person: means an individual who is eligible to receive health care benefits and who is designated as a qualified person by the public corporation. See Michigan Laws 38.1212
- 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
- Trust: means a trust created under the authority of a state or federal law for the purpose of funding retiree health care benefits. See Michigan Laws 38.1212
As used in this act:
(a) “Bankruptcy trust” means a trust created by a court order, including a plan for adjustment.
(b) “Bankruptcy trust beneficiary” means an individual who is eligible to receive health care benefits under a bankruptcy trust.
(c) “Board of trustees” or “board” means the governing board of a bankruptcy trust.
(d) “Fund” means a public employee health care fund created under this act or a court order, including a plan for adjustment, and used for the accumulation and investment of funds for the purpose of funding health care for retired employees of the public corporation.
(e) “Investment fiduciary” means a person who does any of the following:
(i) Exercises any discretionary authority or control in the investment of the fund’s or trust’s assets.
(ii) Renders investment advice to a fund or trust for a fee or other direct or indirect compensation.
(f) “Plan for adjustment” means a plan for the adjustment of debts entered and approved by a federal bankruptcy court for a public corporation.
(g) “Public corporation” means a county, city, village, township, authority, district, board, or commission in this state.
(h) “Qualified person” means an individual who is eligible to receive health care benefits and who is designated as a qualified person by the public corporation.
(i) “Trust” means a trust created under the authority of a state or federal law for the purpose of funding retiree health care benefits.