Terms Used In Michigan Laws > Chapter 280 > Act 40 of 1956 > Chapter 20 - Intracounty Drains; Public Corporations

• Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
• Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Alien credit union: means a credit union that is organized under the laws of a country other than the United States. See Michigan Laws 490.102
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• annual meeting: when applied to townships, mean the annual meeting required by law to be held on the Saturday immediately preceding the first Monday in April. See Michigan Laws 8.3d
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Appraisal: A determination of property value.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Associate board member: means an individual appointed by a credit union board to the position described in section 342(10). See Michigan Laws 490.102
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Bank: means a bank that is organized under the laws of this state, any other state, the District of Columbia, or a territory or protectorate of the United States, or a national banking association chartered by the federal government under the national bank act, 12 USC 21 to 216d, and whose deposits are insured by an agency of the federal government. See Michigan Laws 490.102
• 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 member: means a member of a board of directors, board of trustees, or similar governing body of an organization. See Michigan Laws 490.102
• Borrower: means a member who obtains a loan from a credit union. See Michigan Laws 490.102
• Branch: means , except as otherwise provided in this subdivision, an office or other place of business at which a credit union receives deposits, pays checks, or lends money. See Michigan Laws 490.102
• Commissioner: means the director. See Michigan Laws 490.102
• Contract: A legal written agreement that becomes binding when signed.
• Conviction: A judgement of guilt against a criminal defendant.
• Corporate credit union: means a credit union whose field of membership consists primarily of other credit unions. See Michigan Laws 490.102
• 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.
• County drain: means any drain, irrespective of size, carrying drainage water or sewage or both originating in 1 county, and includes drains located, established and constructed by a county drain commissioner or drainage board, by a city, village or township. See Michigan Laws 280.461
• county drain commissioner: means the elected county drain commissioner or the person or persons designated to perform the duties of the elected county drain commissioner as provided in section 21 and 21a. See Michigan Laws 280.4
• Credit union: means a domestic or foreign credit union. See Michigan Laws 490.102
• Credit union board: means a board of directors, board of trustees, or other governing body of a credit union. See Michigan Laws 490.102
• Credit union service organization: means a corporation or other legal entity that is engaged primarily in providing 1 or more of the products or services described in section 407 to credit unions or their members, that a domestic credit union may organize, invest in, or lend to under section 401(2)(gg), and that may or may not be controlled by 1 or more credit unions. See Michigan Laws 490.102
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Debt management: means that term as defined in section 2 of the debt management act, 1975 PA 148, MCL 451. See Michigan Laws 490.102
• Decedent: A deceased person.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Department: means the department of insurance and financial services. See Michigan Laws 490.102
• Department: means the department of labor. See Michigan Laws 125.2502
• Director: means the director of labor or his or her designee. See Michigan Laws 125.2502
• Director: means the director of the department. See Michigan Laws 490.102
• Domestic credit union: means a cooperative, nonprofit entity organized under this act for the purposes of encouraging thrift among its members, providing a variety of financial services to its members, and providing an opportunity for its members to use and control their own money on a democratic basis in order to improve their economic and social condition. See Michigan Laws 490.102
• drain: whenever used in this act , shall include the main stream or trunk and all tributaries or branches of any creek or river, any watercourse or ditch, either open or closed, any covered drain, any sanitary or any combined sanitary and storm sewer or storm sewer or conduit composed of tile, brick, concrete, or other material, any structures or mechanical devices, that will properly purify the flow of such drains, any pumping equipment necessary to assist or relieve the flow of such drains and any levee, dike, barrier, or a combination of any or all of same constructed, or proposed to be constructed, for the purpose of drainage or for the purification of the flow of such drains, but shall not include any dam and flowage rights used in connection therewith which is used for the generation of power by a public utility subject to regulation by the public service commission. See Michigan Laws 280.3
• Eligibility record date: means a record date that is 1 year or more before the adoption of a plan of conversion by a credit union board and is set forth in a plan of conversion for determining eligible members of a converting credit union. See Michigan Laws 490.102
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Ex officio: Literally, by virtue of one's office.
• Executor: A male person named in a will to carry out the decedent
• Federal credit union: means a credit union that is organized under the laws of the United States. See Michigan Laws 490.102
• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• Fiduciary: A trustee, executor, or administrator.
• Field of membership: means that term as established under section 352. See Michigan Laws 490.102
• Financial institution: means a credit union, bank, savings bank, or savings and loan association. See Michigan Laws 490.102
• 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.
• Foreign credit union: means a credit union organized under the laws of another state or territory of the United States or a federal credit union. See Michigan Laws 490.102
• Fraud: Intentional deception resulting in injury to another.
• Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. ^{Source: OCC}
• Heating cable: means cable designed to be secured to pipes and vessels to reduce their likelihood of freezing or to facilitate the flow of viscous liquids. See Michigan Laws 125.2502
• 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
• Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Insolvent: means a credit union that meets either of the following: