Michigan Laws > Chapter 450 > R.S. of 1846 > Chapter 55 – General Provisions Relating to Corporations


CORPORATIONS

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Terms Used In Michigan Laws > Chapter 450 > R.S. of 1846 > Chapter 55 - General Provisions Relating to Corporations

Aeronautical facilities: means any device, physical or otherwise, that is an object of nature or that is human-made, that aids and is used in aeronautics. See Michigan Laws 259.2
Aeronautics: means any act or matter that treats or deals with flight in the airspace. See Michigan Laws 259.2
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.
Aircraft: means any contrivance used or designed for navigation of or flight in the air. See Michigan Laws 259.2
Airport: means any location, either on land or water, that is used for the landing or take-off of aircraft, and includes the buildings and facilities, if any, on that location. See Michigan Laws 259.2
Airport manager: means any individual who is properly appointed and designated by the airport owner as the airport manager, and who is responsible for the supervision and operation of the airport to the airport owner. See Michigan Laws 259.2
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.
Application for a building permit: means an application for a building permit submitted to an enforcing agency pursuant to this act and plans, specifications, surveys, statements, and other material submitted to the enforcing agency together or in connection with the application. See Michigan Laws 125.1502a
Appraisal: A determination of property value.
Articles: means articles of incorporation, all amendments to articles of incorporation, and agreements of consolidation and merger. See Michigan Laws 487.11201
Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
Association: means a federal savings association organized under section 5 of the home owners' loan act, 12 USC 1464, or a savings and loan association, building and loan association, or homestead association that is organized under the laws of a state, the District of Columbia, or a territory or protectorate of the United States, and whose deposits are insured by the Federal Deposit Insurance Corporation. See Michigan Laws 487.11201
Authority: means a resort district authority created pursuant to this act. See Michigan Laws 125.2202
Bank: means a state banking corporation that is organized or reorganized under this act or organized under any law of this state enacted before March 1, 2000, including a state banking corporation that voluntarily limits its activities. See Michigan Laws 487.11201
Bank holding company: means a company as defined in the bank holding company act that is not a bank or national banking association and that is a bank holding company approved by the Board of Governors of the Federal Reserve System under the bank holding company act or that will become an approved bank holding company before or upon the completion of a consolidation provided in section 3706. See Michigan Laws 487.11201
Barrier free design: means design complying with legal requirements for architectural designs that eliminate the type of barriers and hindrances that deter persons with disabilities from having access to and free mobility in and around a building or structure. See Michigan Laws 125.1502a
Board: means the governing body of an authority. See Michigan Laws 125.2202
Board of appeals: means the construction board of appeals of a governmental subdivision provided for in section 14. See Michigan Laws 125.1502a
Branch: means , except as otherwise provided in this subdivision, a branch bank, branch office, branch agency, additional office, or a branch place of business at which deposits are received, checks paid, or money lent. See Michigan Laws 487.11201
Building: means a combination of materials, whether portable or fixed, forming a structure affording a facility or shelter for use or occupancy by individuals, animals, or property. See Michigan Laws 125.1502a
Building official: means an individual who is employed by a governmental subdivision and is charged with the administration and enforcement of the code and who is registered in compliance with article 10 of the skilled trades regulation act, MCL 339. See Michigan Laws 125.1502a
capital stock: means the stated par value of issued and outstanding unimpaired common stock and the stated par value of issued and outstanding unimpaired preferred stock. See Michigan Laws 487.11201
Chief elected official: means the chairperson of the county board of commissioners, the city mayor, the village president, or the township supervisor. See Michigan Laws 125.1502a
Code: means the state construction code provided for in section 4 or a part of that code of limited application and includes a modification of or amendment to the code. See Michigan Laws 125.1502a
Commission: means the Michigan aeronautics commission. See Michigan Laws 259.3
Commission: means the state construction code commission created by section 3a. See Michigan Laws 125.1502a
Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
Consolidated bank: means a bank that results from a consolidation between a bank and 1 or more banks, out-of-state banks, national banks, associations, or savings banks. See Michigan Laws 487.11201
Consolidated organization: means an out-of-state bank, national bank, association, or savings bank organized under the laws of another state or the United States that results from a consolidation of 1 or more banks, with 1 or more out-of-state banks, national banks, associations, or savings banks. See Michigan Laws 487.11201
Consolidating organizations: means any combination of banks, out-of-state banks, national banks, associations, or savings banks that have consolidated or are in the process of consolidation as provided in section 3701 or 3702. See Michigan Laws 487.11201
consolidation: include , respectively, consolidate or merge, consolidated or merged, consolidating or merging, and consolidation or merger. See Michigan Laws 487.11201
Construction: means the construction, erection, reconstruction, alteration, conversion, demolition, repair, moving, or equipping of buildings or structures. See Michigan Laws 125.1502a
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.
Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
Dealer: means a person engaged in the business of purchasing, selling, brokering, exchanging, or dealing in aircraft parts or in aircraft of a type required to be registered. See Michigan Laws 259.3
Deed: The legal instrument used to transfer title in real property from one person to another.
Department: means the state transportation department, bureau of aeronautics. See Michigan Laws 259.3
Department: means the department of licensing and regulatory affairs. See Michigan Laws 125.1502a
Depository institution: means a bank, out-of-state bank, national bank, foreign bank branch, association, savings bank, or credit union organized under the laws of this state, another state, the District of Columbia, the United States, or a territory or protectorate of the United States. See Michigan Laws 487.11201
Director: means the director of the department or an authorized representative of the director. See Michigan Laws 125.1502a
Director: means the deputy director of the department, bureau of aeronautics who is the director of the Michigan aeronautics commission. See Michigan Laws 259.3
director: means the director of the department. See Michigan Laws 487.11201
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
Energy conservation: means the efficient use of energy by providing building envelopes with high thermal resistance and low air leakage, and the selection of energy efficient mechanical, electrical service, and illumination systems, equipment, devices, or apparatus. See Michigan Laws 125.1502a
Enforcing agency: means the governmental agency that, in accordance with section 8a or 8b, is responsible for administration and enforcement of the code within a governmental subdivision. See Michigan Laws 125.1502a
Entrepreneur-in-residence: means an individual appointed to a position under the project. See Michigan Laws 125.2192
Equipment: means plumbing, heating, electrical, ventilating, air conditioning, and refrigerating equipment. See Michigan Laws 125.1502a
Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
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.
Fiduciary: A trustee, executor, or administrator.
Flight instructor: means any person who possesses a valid flight instructor certificate or other airman certificate issued by the federal aviation administration authorizing that individual to instruct in aircraft. See Michigan Laws 259.4
Flight school: means any person providing or offering to provide flight training leading to pilot or flight instructor certification, for hire or compensation, and engaged in any of the following:

(i) Advertising or calling oneself a flight school or anything equivalent to a flight school. See Michigan Laws 259.4

Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}

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}

Governmental subdivision: means a county, city, village, or township that, in accordance with section 8a or 8b, has assumed responsibility for administration and enforcement of this act and the code within its jurisdiction. See Michigan Laws 125.1502a

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.

Landing area: means an area of an airport, landing field, or other aeronautical facility used or intended for use in landing, taking off, or taxiing of aircraft, excluding area and facilities for shelter, servicing, or repair of aircraft or for receiving or discharging passengers or cargo. See Michigan Laws 259.6

Landing field: means any location, either on land or water, that is used for the landing or take-off of aircraft. See Michigan Laws 259.6

Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.

Mortgage: The written agreement pledging property to a creditor as collateral for a loan.

National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. ^{Source: OCC}

National bank: means a national banking association chartered by the federal government under the national bank act. See Michigan Laws 487.11202

oath: shall be construed to include the word "affirmation" in all cases where by law an affirmation may be substituted for an oath; and in like cases the word "sworn" shall be construed to include the word "affirmed". See Michigan Laws 8.3k

Oath: A promise to tell the truth.

Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.

Operation: means office maintenance, including salaries and expenses of employees, office supplies, consultation fees, design costs, and other expenses incurred in the daily management of the authority and planning of its activities. See Michigan Laws 125.2202

Out-of-state bank: means a banking corporation that is organized under the laws of another state, the District of Columbia, or a territory or a protectorate of the United States whose principal office is located in a state other than this state, in the District of Columbia, or in a territory or a protectorate of the United States, and whose deposits are insured by the Federal Deposit Insurance Corporation. See Michigan Laws 487.11202

Owner: means the owner of the freehold of the premises or lesser estate in the premises, a mortgagee or vendee in possession, an assignee of rents, receiver, executor, trustee, or lessee, or any other person, sole proprietorship, partnership, association, or corporation directly or indirectly in control of a building, structure, or real property or his or her duly authorized agent. See Michigan Laws 125.1502a

person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l

Person: means an individual, partnership, corporation, association, governmental entity, or other legal entity. See Michigan Laws 259.7

Person: means an individual, partnership, corporation, limited liability company, governmental entity, or any other legal entity. See Michigan Laws 487.11202

Personal property: All property that is not real property.

Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}

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.

Project: means the entrepreneur-in-residence project established under this act. See Michigan Laws 125.2192

Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.

Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.

Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.

Rehabilitation: means construction, reconstruction, repair, or maintenance of a road, street lighting, a sanitary sewer, a storm sewer, storm water drainage facilities, or a flood control project within a resort district, or establishment and operation of a system of garbage collection within the resort district. See Michigan Laws 125.2202

Remand: When an appellate court sends a case back to a lower court for further proceedings.

Resort district: means an area that encompasses a natural geographic feature used for recreation, such as an inland lake or the Great Lakes shoreline, that is specifically designated by resolution and approved as provided in this act, and a portion of which is land that is or was a part of a resort association incorporated under 1 of the following:

(i) 1897 PA 230, MCL 455. See Michigan Laws 125.2202

Savings bank: means a savings bank that is organized under the savings bank act, 1996 PA 354, MCL 487. See Michigan Laws 487.11203

Service of process: The service of writs or summonses to the appropriate party.

Shareholder: means the registered owner of any share or shares of capital stock of an institution. See Michigan Laws 487.11203

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

Stock association: means an association that has authority to issue shares of voting capital stock. See Michigan Laws 487.11203

Strategic fund: means the Michigan strategic fund created under the Michigan strategic fund act, 1984 PA 270, MCL 125. See Michigan Laws 125.2192

Structure: means that which is built or constructed, an edifice or building of any kind, or a piece of work artificially built up or composed of parts joined together in some definite manner. See Michigan Laws 125.1502a

Surplus: means the amount paid for issued and outstanding common and preferred stock of a bank in excess of the stated par value, plus any amount of transferred undivided profits and any additional amounts paid in or contributed to increase total capital. See Michigan Laws 487.11203

United States: shall be construed to include the district and territories. See Michigan Laws 8.3o