Michigan Laws 390.1231 – Definitions
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As used in this act:
(a) “College” means a public institution of higher education in this state.
Terms Used In Michigan Laws 390.1231
- College: means a public institution of higher education in this state. See Michigan Laws 390.1231
- 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.
- Department: means the department of management and budget. See Michigan Laws 390.1231
- Foreign entity: means a nonresident alien, a corporation, foundation, or association whose principal place of business is outside of the United States, a foreign government, an agency or subdivision of a foreign government, or an agent registered under the foreign agent's registration act, 22 U. See Michigan Laws 390.1231
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- 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
- United States: shall be construed to include the district and territories. See Michigan Laws 8.3o
(b) “Contract” means an agreement between a college and a foreign entity for the acquisition, by purchase, lease, or barter, of property or services for the direct benefit or use of either of the parties.
(c) “Department” means the department of management and budget.
(d) “Fiscal quarter” means a 3-month period ending on January 31, April 30, July 31, or October 31.
(e) “Foreign entity” means a nonresident alien, a corporation, foundation, or association whose principal place of business is outside of the United States, a foreign government, an agency or subdivision of a foreign government, or an agent registered under the foreign agent’s registration act, 22 U.S.C. § 611 to 621, when acting in that capacity.
(f) “Grant” means a gift or donation of money or property, or any combination of these, which in any 1 year exceeds $100,000.00 made by a foreign entity.