Michigan Laws > Chapter 450 > Act 284 of 1972 > Chapter 2A – Professional Corporations
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Terms Used In Michigan Laws > Chapter 450 > Act 284 of 1972 > Chapter 2A - Professional Corporations
- 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.
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Attorney-at-law: A person who is legally qualified and licensed to practice law, and to represent and act for clients in legal proceedings.
- 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.
- 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
- Contract: A legal written agreement that becomes binding when signed.
- 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 agriculture. See Michigan Laws 285.62
- Director: means the director of the department or his or her designee. See Michigan Laws 285.62
- Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. Source: OCC
- Facility: means an edifice, silo, tank, bin, crib, interstice, or protected enclosed structure, or more than 1 edifice, silo, tank, bin, crib, interstice, or protected enclosed structure located contiguous to each other, used to receive, deposit, or store farm produce in bulk. See Michigan Laws 285.62
- Farm produce: means 1 or more of dry edible beans, soybeans, small grains, cereal grains, or corn. See Michigan Laws 285.62
- Farm produce handled: means the number of bushels or hundredweight of farm produce that a licensee receives or is otherwise obligated for in a fiscal period. See Michigan Laws 285.62
- Farm produce handling: means any of the following:
(i) Engaging or participating in the business of purchasing farm produce. See Michigan Laws 285.62Fiscal 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. Fraud: Intentional deception resulting in injury to another. Grain dealer: means a person engaged in the business of receiving, buying, exchanging, selling, or storing farm produce in this state. See Michigan Laws 285.62 Grain merchandiser: means a person engaged in the business of receiving, buying, exchanging, selling, or taking title to farm produce and who is responsible for payment to a depositor but does not operate a truck or a facility. See Michigan Laws 285.62 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 Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases. 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 Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. License: means a license issued by the department to a grain dealer in the manner provided under this act. See Michigan Laws 285.62 Licensed person: means an individual who is licensed or otherwise legally authorized to practice a professional service by a court, department, board, commission, or agency of this state or another jurisdiction. See Michigan Laws 450.1282 Licensee: means a grain dealer licensed under this act. See Michigan Laws 285.62 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. person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l Personal property: All property that is not real property. Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way. Price later agreement: means a written or electronically transmitted agreement between a depositor and a grain dealer where the grain dealer receives title to farm produce and the depositor retains the option to price the farm produce after delivery based on conditions in the agreement. See Michigan Laws 285.62 Processing: means drying, cleaning, packaging, or otherwise changing the physical characteristics of farm produce. See Michigan Laws 285.62 Professional service: means a type of personal service to the public that requires that the provider obtain a license or other legal authorization as a condition precedent to providing that service. See Michigan Laws 450.1282 Receiving point: means a facility where farm produce is received, weighed, and stored and an acknowledgment form is issued. See Michigan Laws 285.62 Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant. reviewed: means performing inquiry and analytical procedures that provide an accountant with a reasonable basis for expressing limited assurance that there are no material modifications that should be made to the statement for it to conform with generally accepted accounting principles. See Michigan Laws 285.62 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 Storage: means the deposit of farm produce in trust with a grain dealer by a depositor. See Michigan Laws 285.62 Trustee: A person or institution holding and administering property in trust. United States: shall be construed to include the district and territories. See Michigan Laws 8.3o Warehouse receipt: means a written or electronically transmitted receipt issued by a grain dealer to a depositor at the time the grain dealer accepts farm produce for storage. See Michigan Laws 285.62