§ 550.1651 Definitions
§ 550.1652 Health endowment fund corporation; incorporation; conflict of interest; appointment of board members; vacancy; terms; quorum; vote; business open to public; notice; meeting in closed session; min
§ 550.1653 Charitable purpose nonprofit corporation; receipt and administration of funds; articles of incorporation; grants; conflict with other provisions of law; social mission contributions; fund as priv
§ 550.1654 Executive director
§ 550.1655 Disbursement, expenditure, and investment of money by fund; system of financial accounting, controls, audits, and reports; appointment of audit committee; duties of executive director; requiremen
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Terms Used In Michigan Laws > Chapter 550 > Act 350 of 1980 > Part 6A - Health Endowment Fund Corporations

  • 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.
  • Area agency on aging: means an agency designated by the commission under section 4(i). See Michigan Laws 400.582
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Board: means the board of a health endowment fund corporation incorporated under this part. See Michigan Laws 550.1651
  • Commission: means the commission on services to the aging established under section 3. See Michigan Laws 400.582
  • 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.
  • Dismissal: The dropping of a case by the judge without further consideration or hearing. Source:
  • Donor: The person who makes a gift.
  • Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC
  • Executive director: means the executive director of a fund appointed by the board. See Michigan Laws 550.1651
  • 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.
  • Fund: means a health endowment fund corporation organized as a nonprofit corporation under section 653. See Michigan Laws 550.1651
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Majority leader: see Floor Leaders
  • Minority leader: See Floor Leaders
  • Office: means the office of services to the aging created by section 5. See Michigan Laws 400.582
  • Quorum: The number of legislators that must be present to do business.
  • 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
  • Statute: A law passed by a legislature.