Michigan Laws > Chapter 500 > Act 218 of 1956 > Chapter 52 – Corporate Powers, Procedures of Stock and Mutual Insurers
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Terms Used In Michigan Laws > Chapter 500 > Act 218 of 1956 > Chapter 52 - Corporate Powers, Procedures of Stock and Mutual Insurers
- Academic year: means the period from September 1 of a calendar year to August 31 of the next calendar year. See Michigan Laws 390.1622
- Accredited: means approved by an accrediting body recognized by the United States Department of Education. See Michigan Laws 390.1692
- 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.
- 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
- 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
- Approved postsecondary educational institution: means any of the following:
(i) A public or private college or university, junior college, or community college that grants degrees or certificates and is located in this state. See Michigan Laws 390.1622Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account. Authority: means a promise zone authority created under this act. See Michigan Laws 390.1663 Authorization: means either of the following:
(i) An authorization from the department under section 4(1) to participate in a reciprocal agreement. See Michigan Laws 390.1692Baseline: Projection of the receipts, outlays, and other budget amounts that would ensue in the future without any change in existing policy. Baseline projections are used to gauge the extent to which proposed legislation, if enacted into law, would alter current spending and revenue levels. 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: means the governing body of an authority. See Michigan Laws 390.1663 Center: means the center for educational performance and information created in section 94a of the school aid act of 1979, 1979 PA 94, MCL 388. See Michigan Laws 390.1703 College or university: means a degree or certificate granting public or private college or university, junior college, or community college. See Michigan Laws 390.1692 Commissioner: means the director. See Michigan Laws 500.102 Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant. Continuance: Putting off of a hearing ot trial until a later time. Contract: A legal written agreement that becomes binding when signed. Conviction: A judgement of guilt against a criminal defendant. 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. Cumulative grade point average: means the weighted mean value of the courses considered by an approved postsecondary educational institution in determining whether to award a student an associate's degree or a 2-year certificate of completion in a vocational training program, whether the student has completed a comparable vocational education program, or whether the student has completed 50% or more of the academic requirements for the award of a bachelor's degree, including any courses completed at another approved postsecondary educational institution if the student transfers the credits for those courses to the approved postsecondary educational institution making that determination. See Michigan Laws 390.1622 Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries. Department: means the department of treasury. See Michigan Laws 390.1622 Department: means the department of licensing and regulatory affairs. See Michigan Laws 390.1692 Department: means the department of labor and economic opportunity. See Michigan Laws 390.1703 Department: means the department of labor and economic opportunity. See Michigan Laws 390.1713 Department: means the department of insurance and financial services. See Michigan Laws 500.102 Director: means , unless the context clearly implies a different meaning, the director of the department. See Michigan Laws 500.102 Distance education: means education that uses 1 or more technologies to deliver instruction to students who are separated from the instructor, and to support regular and substantive interaction between the students and the instructor, either synchronously or asynchronously. See Michigan Laws 390.1692 Eligible entity: means a city, township, county, local school district, or intermediate school district, in which the percentage of families with children under age 18 that are living at or below the federal poverty level is greater than or equal to the state average of families with children under age 18 living at or below the federal poverty level, as determined by the department of treasury. See Michigan Laws 390.1663 Eligible institution: means a postsecondary educational institution that meets all of the following:
(i) Is an accredited public community college in this state. See Michigan Laws 390.1703Eligible institution: means that term as defined in the Michigan reconnect grant act, 2020 PA 84, MCL 390. See Michigan Laws 390.1713 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. Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller. Federal poverty level: means the poverty guidelines published annually in the Federal Register by the United States Department of Health and Human Services under its authority to revise the poverty line under 42 USC 9902. See Michigan Laws 390.1663 Fiduciary: A trustee, executor, or administrator. 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. Fiscal year: means a fiscal year of this state. See Michigan Laws 390.1622 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 Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value. Governing body: means the elected body of an eligible entity that has legislative powers. See Michigan Laws 390.1663 Health maintenance organization: means that term as defined in section 3501. See Michigan Laws 500.106 High school graduate: means an individual who has received a high school diploma from a high school or passed the general educational development (GED) diploma test or any other high school graduate equivalency examination approved by the state board of education. See Michigan Laws 390.1622 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 Industry-recognized certificate or credential: means a certificate or credential that is portable and is sought or accepted by multiple employers within an industry for purposes of recruitment, hiring, or promotion. See Michigan Laws 390.1703 Industry-recognized certificate or credential: means that term as defined in the Michigan reconnect grant act, 2020 PA 84, MCL 390. See Michigan Laws 390.1713 Insurer: means an individual, corporation, association, partnership, reciprocal exchange, inter-insurer, Lloyds organization, fraternal benefit society, or other legal entity, engaged or attempting to engage in the business of making insurance or surety contracts. See Michigan Laws 500.106 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. Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants. Majority leader: see Floor Leaders Michigan promise grant: means a grant awarded by the department under this act. See Michigan Laws 390.1622 Michigan reconnect grant: means a grant awarded under the Michigan reconnect grant program. See Michigan Laws 390.1713 Michigan reconnect grant program: means the grant program created under section 5 of the Michigan reconnect grant act, 2020 PA 84, MCL 390. See Michigan Laws 390.1713 Michigan reconnect grant student: means a student admitted to and enrolled in an eligible institution, regardless of whether the student is receiving a Michigan reconnect grant under this act. See Michigan Laws 390.1703 Michigan reconnect grant student: means that term as defined in the Michigan reconnect grant act, 2020 PA 84, MCL 390. See Michigan Laws 390.1713 month: means a calendar month; the word "year" a calendar year; and the word "year" alone shall be equivalent to the words "year of our Lord". See Michigan Laws 8.3j 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 Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose. Nonpublic high school: means a high school operated by a nonpublic school that includes grades 9 to 12 or 10 to 12 and that awards a high school diploma. See Michigan Laws 390.1663 Nonpublic school: means that term as defined in section 5 of the revised school code, 1976 PA 451, MCL 380. See Michigan Laws 390.1663 Oath: A promise to tell the truth. 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 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. Oversight: Committee review of the activities of a Federal agency or program. Participating college: means a college or university that is located in this state; elects to participate in a reciprocal agreement under this act; and meets the requirements of section 4. See Michigan Laws 390.1692 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. Pell-eligible program: means a program eligible for grant funding under 20 USC 1070a. See Michigan Laws 390.1713 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. Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court. postsecondary educational institution: means a public or private institution in this state that offers a degree or course of study beyond the twelfth grade and receives state or federal funding of any kind. See Michigan Laws 390.1731 Probable cause: A reasonable ground for belief that the offender violated a specific law. Promise of financial assistance: means a commitment by an eligible entity to provide financial resources for public or private postsecondary education, including a vocational program, to eligible students living in a promise zone and who have graduated from a public high school or nonpublic high school located within that promise zone. See Michigan Laws 390.1663 Promise zone: means that area created by a governing body under this act. See Michigan Laws 390.1663 Promise zone development plan: means that plan developed by an authority under this act that will ensure that the financial resources are available to adequately fund the promise of financial assistance. See Michigan Laws 390.1663 Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government. Public high school: means a public school that includes grades 9 to 12 or 10 to 12 and that awards a high school diploma. See Michigan Laws 390.1663 Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide. Public school: means that term as defined in section 5 of the revised school code, 1976 PA 451, MCL 380. See Michigan Laws 390.1663 Qualified educational expenses: means tuition and fees required for the enrollment or attendance of a student at an educational institution, and may also include, if provided for in an authority's promise zone development plan, expenses for fees, books, supplies, and equipment required for courses of instruction at that educational institution. See Michigan Laws 390.1663 Qualified occupational training program: means a career training program approved by the department that meets all of the following:
(i) Provides not less than 150, and not more than 600, clock hours of instructional time over a period of not less than 8 weeks and not more than 15 weeks. See Michigan Laws 390.1713Qualifying score: means a score in a reading, writing, mathematics, science, or social studies component of a state assessment test that has been determined by the superintendent of public instruction to indicate readiness to enroll in a course in that subject area in an approved postsecondary educational institution. See Michigan Laws 390.1622 Quorum: The number of legislators that must be present to do business. Rate: means the cost of insurance per payroll before adjustment for an individual insured's size, exposure, or loss experience. See Michigan Laws 500.2402 Reciprocal agreement: means an agreement between this state and a higher education compact or 1 or more other states that allows participating colleges to provide distance education to residents of this state and other member states under this act. See Michigan Laws 390.1692 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. Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action. School district: means that term as defined in the revised school code, 1976 PA 451, MCL 380. See Michigan Laws 390.1663 seal: shall be construed to include any of the following:
(a) The impression of the seal on the paper alone. See Michigan Laws 8.3nService academy: means the United States military academy, United States naval academy, United States air force academy, United States coast guard academy, or United States merchant marine academy. See Michigan Laws 390.1622 Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims. shall not apply: means that the pertinent provision is not operative as to certain persons or things or in conjunction with a particular date or dates. See Michigan Laws 8.4c 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 assessment test: means any of the following:
(i) Subject to subparagraph (ii), the complete Michigan merit examination described in section 1279g of the revised school code, 1976 PA 451, MCL 380. See Michigan Laws 390.1622State education tax: means the tax levied under the state education tax act, 1993 PA 331, MCL 211. See Michigan Laws 390.1663 Statute: A law passed by a legislature. Trust fund: means the Michigan merit award trust fund established in section 9 of the Michigan trust fund act, 2000 PA 489, MCL 12. See Michigan Laws 390.1622 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 Uphold: The decision of an appellate court not to reverse a lower court decision. Vocational program: means an education or training program intended to teach a trade, occupation, or vocation and offered by a public or private postsecondary institution in this state. See Michigan Laws 390.1663