(i) An expense designated as an administrative expense under this act or by the court. See Michigan Laws 487.11201

Administrator: means the chief officer of the Michigan department of commerce or his or her designated representative. See Michigan Laws 449.1101

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.

Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.

Affiliate: means a corporation, business trust, limited liability company, partnership, association, or similar organization to which any of the following apply:

    (i) A person, directly or indirectly, owns or controls either more than 25% of its voting shares or a majority of the shares voted at the most recent election for the election of its directors, trustees, or other individuals who exercise similar functions, or controls in any manner the election of a majority of its directors, trustees, or other individuals who exercise similar functions. See Michigan Laws 487.11201

Allegation: something that someone says happened.

Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.

annual meeting: when applied to townships, mean the annual meeting required by law to be held on the Saturday immediately preceding the first Monday in April. See Michigan Laws 8.3d

Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.

Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.

Applicant: means a person that submits an application under this act. See Michigan Laws 487.11201

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

Articles: means articles of incorporation, all amendments to articles of incorporation, and agreements of consolidation and merger. See Michigan Laws 487.11201

Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.

Association: means a federal savings association organized under section 5 of the home owners' loan act, 12 USC 1464, or a savings and loan association, building and loan association, or homestead association that is organized under the laws of a state, the District of Columbia, or a territory or protectorate of the United States, and whose deposits are insured by the Federal Deposit Insurance Corporation. See Michigan Laws 487.11201

Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.

Authority: means the Michigan enterprise zone authority created pursuant to section 4. See Michigan Laws 125.2103

Bank: means a state banking corporation that is organized or reorganized under this act or organized under any law of this state enacted before March 1, 2000, including a state banking corporation that voluntarily limits its activities. See Michigan Laws 487.11201

Bank holding company: means a company as defined in the bank holding company act that is not a bank or national banking association and that is a bank holding company approved by the Board of Governors of the Federal Reserve System under the bank holding company act or that will become an approved bank holding company before or upon the completion of a consolidation provided in section 3706. See Michigan Laws 487.11201

Branch: means , except as otherwise provided in this subdivision, a branch bank, branch office, branch agency, additional office, or a branch place of business at which deposits are received, checks paid, or money lent. See Michigan Laws 487.11201

Cable service: means 1-way transmission to subscribers of video programming or other programming services and subscriber interaction for the selection of video programming or other programming services. See Michigan Laws 484.2102

capital stock: means the stated par value of issued and outstanding unimpaired common stock and the stated par value of issued and outstanding unimpaired preferred stock. See Michigan Laws 487.11201

Certificate of limited partnership: means the certificate, and the certificate as amended or restated, referred to in section 201. See Michigan Laws 449.1101

Chambers: A judge's office.

Commission: means the commission for logistics and supply chain collaboration created under section 3. See Michigan Laws 125.1892

Commission: means the Michigan public service commission. See Michigan Laws 484.2102

consolidation: include , respectively, consolidate or merge, consolidated or merged, consolidating or merging, and consolidation or merger. See Michigan Laws 487.11201

Continuance: Putting off of a hearing ot trial until a later time.

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.

Corporation: means a corporation organized pursuant to this act. See Michigan Laws 125.1603

county drain commissioner: means the elected county drain commissioner or the person or persons designated to perform the duties of the elected county drain commissioner as provided in section 21 and 21a. See Michigan Laws 280.4

Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.

department: means the department of insurance and financial services. See Michigan Laws 487.11201

Depository institution: means a bank, out-of-state bank, national bank, foreign bank branch, association, savings bank, or credit union organized under the laws of this state, another state, the District of Columbia, the United States, or a territory or protectorate of the United States. See Michigan Laws 487.11201

Derivative transaction: means any transaction that is a contract, agreement, swap, warrant, note, or option that is based, in whole or in part, on the value of, any interest in, or any quantitative measure or the occurrence of any event relating to, 1 or more commodities, securities, currencies, interest or other rates, indices, or other assets. See Michigan Laws 487.11201

Devise: To gift property by will.

director: means the director of the department. See Michigan Laws 487.11201

Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.

Dissolution: means the process by which a solvent bank voluntarily ends its corporate existence by liquidating its assets and winding up its affairs. See Michigan Laws 487.11201

domestic limited partnership: means a partnership formed by 2 or more persons under the laws of this state and having 1 or more general partners and 1 or more limited partners. See Michigan Laws 449.1101

Dower: A widow

drain: whenever used in this act , shall include the main stream or trunk and all tributaries or branches of any creek or river, any watercourse or ditch, either open or closed, any covered drain, any sanitary or any combined sanitary and storm sewer or storm sewer or conduit composed of tile, brick, concrete, or other material, any structures or mechanical devices, that will properly purify the flow of such drains, any pumping equipment necessary to assist or relieve the flow of such drains and any levee, dike, barrier, or a combination of any or all of same constructed, or proposed to be constructed, for the purpose of drainage or for the purification of the flow of such drains, but shall not include any dam and flowage rights used in connection therewith which is used for the generation of power by a public utility subject to regulation by the public service commission. See Michigan Laws 280.3

Educational institution: means a public educational institution or a private non-profit educational institution approved by the department of education to provide a program of primary, secondary, or higher education, a public library, or a nonprofit association or consortium whose primary purpose is education. See Michigan Laws 484.2102

Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) ^{Source: OCC}

Entrepreneur-in-residence: means an individual appointed to a position under the project. See Michigan Laws 125.2192

Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}

Escrow: Money given to a third party to be held for payment until certain conditions are met.

Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.

Ex officio: Literally, by virtue of one's office.

Exchange: means 1 or more contiguous central offices and all associated facilities within a geographical area in which basic local exchange service is offered by a provider. See Michigan Laws 484.2102

Facility: means real or personal industrial or commercial property located in an enterprise zone, excluding property used to provide rental housing. See Michigan Laws 125.2103

Federal deposit insurance act: means the federal deposit insurance act, 12 USC 1811 to 1835a. See Michigan Laws 487.11201

Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. ^{Source: OCC}

Federal home loan bank act: means the federal home loan bank act, 12 USC 1421 to 1449. See Michigan Laws 487.11201

Federal reserve act: means the federal reserve act, 12 USC 221 to 522. See Michigan Laws 487.11201

Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}

Fiduciary: A trustee, executor, or administrator.

Financial institution: means an organization that is licensed, chartered, or regulated by the department under the laws of this state. See Michigan Laws 487.11202

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.

Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}

Foreign bank: means an entity that is organized and recognized as a bank under the laws of a foreign country that lawfully engages in the business of banking and is not directly or indirectly owned or controlled by United States citizens or by a corporation organized under the laws of the United States. See Michigan Laws 487.11202

Foreign bank agency: means an office or place of business of a foreign bank, established under this act, the international banking act of 1978, or the laws of another state, that does not exercise trust powers and at which deposits of citizens or residents of the United States are not accepted. See Michigan Laws 487.11202

Foreign bank branch: means a place of business of a foreign bank, located in any state, the District of Columbia, or a territory, or protectorate of the United States, that is not a foreign bank agency, bank, or out-of-state bank, at which deposits are received and that is established and operating as a branch of a foreign bank under this act, the international banking act of 1978, or the laws of another state. See Michigan Laws 487.11202

Foreign country: means a country other than the United States and includes a colony, dependency, or possession of a country other than the United States. See Michigan Laws 487.11202

Foreign limited partnership: means a partnership formed under the laws of any state other than this state and having as partners 1 or more general partners and 1 or more limited partners. See Michigan Laws 449.1101

Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. ^{Source: OCC}

General partner: means a person who has been admitted to a limited partnership as a general partner in accordance with the partnership agreement and named in the certificate of limited partnership as a general partner. See Michigan Laws 449.1101

General property tax act: means Act No. See Michigan Laws 125.2103

Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.

Governing body: means the body in which the legislative powers of a municipality are vested. See Michigan Laws 125.1603

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

Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.

Institution: means a bank, state agency, or state foreign bank branch operating or organized or reorganized under this act or operating or organized under any law of this state enacted before August 20, 1969. See Michigan Laws 487.11202

Investment security: means a marketable obligation in the form of a bond, note, or debenture, commonly regarded as an investment security and that is salable under ordinary circumstances with reasonable promptness at a fair value. See Michigan Laws 487.11202

Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.

Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}

Legislative session: That part of a chamber's daily session in which it considers legislative business (bills, resolutions, and actions related thereto).

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.

Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.

loan or extension of credit: includes all direct or indirect advances of funds to a person made on the basis of any obligation of that person to repay the funds or repayable from specific property pledged by or on behalf of the person, and any credit exposure arising from a derivative transaction. See Michigan Laws 487.11202

Loan production office: means an office of a depository institution or institutions at which activities related to the lending of money are conducted, deposits are not received, and checks are not paid, and which office is not the principal office, a branch, or an agency of an affiliated depository financial institution. See Michigan Laws 487.11202

local exchange service: means the provision of an access line and usage within a local calling area for the transmission of high-quality 2-way interactive switched voice or data communication. See Michigan Laws 484.2102

Local governmental unit: means a city, village, or township. See Michigan Laws 125.2103

Majority leader: see Floor Leaders

Member: means a person with an ownership interest under the Michigan limited liability company act, 1993 PA 23, MCL 450. See Michigan Laws 487.11202

Messenger service: means a service such as a courier service or an armored car service that picks up from or delivers to customers of 1 or more depository institutions, or 1 or more affiliates of a depository institution, cash, currency, checks, drafts, securities, or other items relating to transactions between or involving a depository institution or affiliate of a depository institution and those customers, or that transfers cash, currency, checks, drafts, securities, or other items or documents between depository institutions or affiliates of depository institutions. See Michigan Laws 487.11202

Michigan defense center: means the Michigan defense center created in this section. See Michigan Laws 125.1972

Michigan strategic fund: means the Michigan strategic fund created under the Michigan strategic fund act, 1984 PA 270, MCL 125. See Michigan Laws 125.1972

month: means a calendar month; the word "year" a calendar year; and the word "year" alone shall be equivalent to the words "year of our Lord". See Michigan Laws 8.3j

Mortgage: The written agreement pledging property to a creditor as collateral for a loan.

Municipality: means a county, city, village, or township. See Michigan Laws 125.1603

National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. ^{Source: OCC}

National bank: means a national banking association chartered by the federal government under the national bank act. See Michigan Laws 487.11202

National bank act: means the national bank act, 12 USC 21 to 216d. See Michigan Laws 487.11202

New facility: means real or personal industrial or commercial property located in an enterprise zone, the construction, restoration, alteration, or renovation of which begins after the date on which the business applies with the local governmental unit for certification as a qualified business. See Michigan Laws 125.2103

Oath: A promise to tell the truth.

oath: shall be construed to include the word "affirmation" in all cases where by law an affirmation may be substituted for an oath; and in like cases the word "sworn" shall be construed to include the word "affirmed". See Michigan Laws 8.3k

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.

Oral argument: An opportunity for lawyers to summarize their position before the court and also to answer the judges' questions.

Out-of-state bank: means a banking corporation that is organized under the laws of another state, the District of Columbia, or a territory or a protectorate of the United States whose principal office is located in a state other than this state, in the District of Columbia, or in a territory or a protectorate of the United States, and whose deposits are insured by the Federal Deposit Insurance Corporation. See Michigan Laws 487.11202

Oversight: Committee review of the activities of a Federal agency or program.

Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.

Partnership agreement: means any valid agreement, written or oral, of the partners as to the affairs of a limited partnership and the conduct of its business. See Michigan Laws 449.1101

Person: means a natural person, partnership, domestic or foreign limited partnership, trust, estate, association, or corporation, or any other legal entity. See Michigan Laws 449.1101

Person: means an individual, partnership, corporation, limited liability company, governmental entity, or any other legal entity. See Michigan Laws 487.11202

person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l

Personal property: All property that is not real property.

plan: means a physical improvement plan for an enterprise zone. See Michigan Laws 125.2103

Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.

Probate: Proving a will

Project: means land or an interest in land, existing or planned improvements, machinery, furnishings, or equipment suitable for use by any of the following:

    (i) An industrial or commercial enterprise, including agricultural and forestry enterprises and enterprises designed to produce energy from renewable resources. See Michigan Laws 125.1603

Project: means the entrepreneur-in-residence project established under this act. See Michigan Laws 125.2192

Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.

provider: means a person that for compensation provides 1 or more telecommunication services. See Michigan Laws 484.2102

Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.

published: means to appear in a newspaper of general circulation in the community or communities where the principal office or offices of a depository institution or institutions are located. See Michigan Laws 487.11202

Qualified business: means either of the following, as applicable:

     (i) A qualified new business or a qualified existing business located in an enterprise zone created before 1994. See Michigan Laws 125.2103

Qualified existing business: means a business that is located in the area comprising an enterprise zone at the time the area is approved as an enterprise zone, that constructs a new facility, and that is certified by the authority as meeting the requirements of this act. See Michigan Laws 125.2103

Qualified new business: means a business located within an enterprise zone that is not located in the area comprising the enterprise zone on the date on which the authority approves the enterprise zone, and that is certified by the authority as meeting the requirements of this act. See Michigan Laws 125.2103

Quorum: The number of legislators that must be present to do business.

Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.

Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.

Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.

Savings bank: means a savings bank that is organized under the savings bank act, 1996 PA 354, MCL 487. See Michigan Laws 487.11203

seal: shall be construed to include any of the following:

    (a) The impression of the seal on the paper alone. See Michigan Laws 8.3n

Service entity: means a corporation, mutual company, limited liability company, limited liability partnership, or limited partnership in which a bank has invested under section 4310(1). See Michigan Laws 487.11203

Service of process: The service of writs or summonses to the appropriate party.

Service provider: means a person that provides any of the following to an institution:

    (i) Data processing services. See Michigan Laws 487.11203

Shareholder: means the registered owner of any share or shares of capital stock of an institution. See Michigan Laws 487.11203

Small business: means a business with fewer than 400 employees. See Michigan Laws 125.1972

State: means a state, territory, or possession of the United States, the District of Columbia, or the Commonwealth of Puerto Rico. See Michigan Laws 449.1101

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

State agency: means a foreign bank agency that is established and operating under this act. See Michigan Laws 487.11203

Statute: A law passed by a legislature.

Strategic fund: means the Michigan strategic fund created under the Michigan strategic fund act, 1984 PA 270, MCL 125. See Michigan Laws 125.2192

Subpoena: A command to a witness to appear and give testimony.

Subsidiary: means a corporation, mutual company, limited liability company, limited liability partnership, or limited partnership, the controlling interests of which are more than 50% owned by 1 or more depository institutions, and in which a bank has an ownership interest, membership interest, or other legally enforceable interest that is the indicia of ownership. See Michigan Laws 487.11203

Supply chain management: means an integrated approach to planning, implementing, and controlling the flow of information, materials, and services from raw materials to the distribution of the finished product to the end customer. See Michigan Laws 125.1892

Surplus: means the amount paid for issued and outstanding common and preferred stock of a bank in excess of the stated par value, plus any amount of transferred undivided profits and any additional amounts paid in or contributed to increase total capital. See Michigan Laws 487.11203

Tax increment finance authority: means an authority established under Act No. See Michigan Laws 125.2103

Testify: Answer questions in court.

Testimony: Evidence presented orally by witnesses during trials or before grand juries.

Total capital: means an amount equal to any capital, plus any surplus, undivided profits, and instruments of indebtedness authorized under section 3801. See Michigan Laws 487.11203

Trust office: means an office of a bank at which trust services are performed and at which deposits are not accepted, checks are not paid, and money is not lent. See Michigan Laws 487.11203

United States: shall be construed to include the district and territories. See Michigan Laws 8.3o

Venture capital: means equity financing that is provided for starting up or expanding a company, or related purposes such as financing for seed capital, research and development, introduction of a product or process into the marketplace, or similar needs requiring risk capital. See Michigan Laws 487.11203

Writ: A formal written command, issued from the court, requiring the performance of a specific act.

Writ of certiorari: An order issued by the Supreme Court directing the lower court to transmit records for a case for which it will hear on appeal.

zone: means an area approved as an enterprise zone by the authority as provided in this act. See Michigan Laws 125.2103