Terms Used In Michigan Laws > Chapter 395 > Act 232 of 1964 - Rehabilitation Act of 1964

• 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.
• 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
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Authority: means the automobile theft prevention authority. See Michigan Laws 500.6101
• Bequest: Property gifted by will.
• Board: means the board of directors of the automobile theft prevention authority. See Michigan Laws 500.6101
• Commissioner: means the director. See Michigan Laws 500.102
• Contract: A legal written agreement that becomes binding when signed.
• Converted company: means a Michigan domiciled stock insurance company that results from the reorganization of a mutual company under this chapter. See Michigan Laws 500.6001
• Deed: The legal instrument used to transfer title in real property from one person to another.
• 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
• Disabled individual: means any person, other than a person who is blind, who has a vocational disability. See Michigan Laws 395.82
• Economic automobile theft: means automobile theft perpetrated for financial gain. See Michigan Laws 500.6101
• 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
• 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
• Intermediate holding company: means a business corporation subsidiary of a mutual holding company domiciled in this state, any other state, or the District of Columbia that is authorized to issue 1 or more classes of capital stock, the corporate purposes of which include holding directly or indirectly the voting stock of a converted company. See Michigan Laws 500.6001
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Member: means a person who, on the records of the mutual company and pursuant to its articles of incorporation or bylaws, is considered to be a holder of a membership interest in the mutual company. See Michigan Laws 500.6001
• Mutual company: means a domestic mutual insurance company organized under chapter 50, 54, or 58. See Michigan Laws 500.6001
• 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.
• person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
• plan: means a plan adopted pursuant to this chapter by the board of directors of a mutual company for the reorganization of the mutual company simultaneously into both a mutual holding company and a converted company existing as a direct or indirect stock subsidiary of the mutual holding company. See Michigan Laws 500.6001
• Policy: means a group or individual insurance policy or contract issued by a mutual company. See Michigan Laws 500.6001
• Quorum: The number of legislators that must be present to do business.
• seal: shall be construed to include any of the following: