Michigan Laws 450.734 – Powers of department generally
Current as of: 2024 | Check for updates
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The department may do all of the following:
(a) Develop, collect, and disseminate information useful to persons and organizations throughout the state in undertaking or promoting the establishment and successful operation of employee-owned corporations.
Terms Used In Michigan Laws 450.734
- 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.
- Department: means the department of labor. See Michigan Laws 450.732
- Employee-owned corporation: means a business operation that is controlled by, and designed to maintain control by, its employees, and in which control is distributed among its employees according to a democratic formula, if the business operation is 1 of the following:
(i) A business operation the management rights of which are represented by voting stock that may be owned only by: employees of the operation, a nonprofit community development corporation, or an employee-owned stock ownership plan in which not less than 50% of the employees participate in each portion of the plan. See Michigan Laws 450.732Establishment: includes a factory, plant, office, or other facility, but does not include a construction site or other work place that was intended to be a temporary work place. See Michigan Laws 450.732 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
(b) Evaluate the feasibility and economic viability of a proposed employee-owned corporation.
(c) Provide technical assistance and counseling services to persons who seek to form an employee-owned corporation.
(d) Provide assistance, counseling, and training in the operation of an employee-owned corporation.
(e) Assist persons in obtaining financing for the purchase and operation of an employee-owned corporation.
(f) Promote and coordinate the efforts of local, state, federal, and private agencies to assist in the formation or operation of an employee-owned corporation.
(g) Recommend appropriate legislative or executive action to enhance opportunities for employee-owned corporations in this state.