Michigan Laws 38.1502c – Definitions; P to V
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(1) “Participating court” means a judicial circuit court, a judicial district court, or a judicial probate court that has elected to be governed by the provisions of this act.
(2) “Participating municipality” means a municipality that has elected to be governed by the provisions of this act. Two or more municipalities may enter into an agreement with each other and the retirement system to participate as a combined unit.
Terms Used In Michigan Laws 38.1502c
- 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.
- Probate: Proving a will
(3) “Public corporation” means the retirement system on and after the certification date, which corporation is an instrumentality of the participating municipalities and participating courts.
(4) “Retirement board” means the retirement board provided for in section 36 to administer the retirement system.
(5) “Retirement system” or “system” means the municipal employees retirement system established by former Act No. 135 of the Public Acts of 1945 and continued and restated by this act.