Michigan Laws 129.16 – Definitions
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Terms Used In Michigan Laws 129.16
- 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.
- Local public entity: means a county, city, village, township, school district, district, authority, municipal corporation, or any other political subdivision organized under the laws of this state. See Michigan Laws 129.16
- United States: shall be construed to include the district and territories. See Michigan Laws 8.3o
As used in this act:
(a) “Deposit” includes the purchase of or investment in shares of a credit union.
(b) “Financial institution” means a state or nationally chartered bank or a state or federally chartered savings and loan association, savings bank, or credit union whose deposits are insured by an agency of the United States government.
(c) “Governing body” means a council, commission, board, or other official body that has legislative powers over a local public entity.
(d) “Local public entity” means a county, city, village, township, school district, district, authority, municipal corporation, or any other political subdivision organized under the laws of this state.