Michigan Laws > Chapter 125 > Act 346 of 1966 > Chapter 6
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Terms Used In Michigan Laws > Chapter 125 > Act 346 of 1966 > Chapter 6
- Amortization: Paying off a loan by regular installments.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Authority: means the Michigan state housing development authority created in this act. See Michigan Laws 125.1411
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Board of control: means the board charged with policy direction of a state supported institution of higher education. See Michigan Laws 38.382
- 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.
- Dependent: A person dependent for support upon another.
- Eligible employees: means the members of the faculty and administrative staff of state supported institutions of higher education on a full-time basis whose positions require the performance of professional services in the discharge of the educational or administrative functions of the institution. See Michigan Laws 38.382
- 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.
- Housing project: means any of the following:
(i) Residential real property developed or to be developed or receiving benefits under this act. See Michigan Laws 125.1411Limited dividend housing corporation: means a corporation incorporated or qualified pursuant to the corporation laws of this state and chapter 6 and a limited dividend housing association organized and qualified pursuant to chapter 7. See Michigan Laws 125.1411 Mortgage: The written agreement pledging property to a creditor as collateral for a loan. Optional retirement program: means a system of retirement benefits established as a part of the plan of compensation for eligible teaching and administrative personnel. See Michigan Laws 38.382 Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses. Personal property: All property that is not real property. Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. Retirement system: means the Michigan public school employees' retirement system created by the public school employees retirement act of 1979, Act No. See Michigan Laws 38.382 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 State supported institution of higher education: means any of the following:
(i) Western Michigan university. See Michigan Laws 38.382