Michigan Laws 451.317 – Fiduciary’s relation to security holders; reports of purchases
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Michigan Laws 451.317
- commission: means the public trust commission as hereinbefore created. See Michigan Laws 451.302
- depositary: shall include all persons who propose to act, or who are now acting, in connection with a protective committee for the purpose of accepting securities for deposit under and/or consents to a protective committee agreement. See Michigan Laws 451.302
- Fiduciary: A trustee, executor, or administrator.
- in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- persons: shall include natural persons, corporations, partnerships, associations, companies, and syndicates. See Michigan Laws 451.302
- protective committee: shall include all persons who propose or purport to act, or who are now acting, for and in behalf of others and/or themselves with respect to a security and/or for the purpose of protecting and preserving the common interests of the holders or owners of the particular security. See Michigan Laws 451.302
- securities: shall include bonds, notes, debentures, and any other instrument of like character used to evidence indebtedness. See Michigan Laws 451.302
- solicitor: shall include all persons who procure or solicit directly or indirectly, or who are now procuring or soliciting directly or indirectly the deposit of securities with a depositary under a protective committee agreement or similar instrument and/or who procure or solicit directly or indirectly, or who are now procuring or soliciting directly or indirectly, the consent of holders or owners of securities to a protective committee agreement or similar instrument. See Michigan Laws 451.302
All mortgagors and all persons who are depositaries, solicitors, and members of protective committees shall be deemed to be in a fiduciary relationship to the holders or owners of the securities with respect to which they are mortgagors, depositaries, solicitors, and members of protective committees, respectively, whether or not such holders or owners have deposited their securities and/or consented to the protective committee agreement; and every purchase by a mortgagor, depositary, solicitor or member of a protective committee of securities with respect to which such purchaser is the mortgagor, depositary, solicitor or member of a protective committee, respectively, shall be forthwith disclosed in writing to the commission by such purchaser.