§ 450.2301 Payment or distribution of assets, income, or profit; conferring benefits on shareholders or members; transfer of money or property to or for benefit of directors or officers; dividends or distri
§ 450.2302 Corporation organized upon nonstock basis
§ 450.2303 Corporation organized on stock basis; issuance of shares authorized in articles of incorporation; rules of qualification and government of shareholders
§ 450.2303a Corporation board organized on stock basis; amendment of articles of incorporation deleting reference to par value
§ 450.2303b Conversion of shares into shares of any class or bonds; conversion of bonds into other bonds or shares; authorization of board to increase authorized shares
§ 450.2303c Issuance of bonds convertible into shares or shares convertible into other shares of corporation; condition; cancellation of converted bonds; restoration of converted shares
§ 450.2303d Shares redeemable in cash, bonds, securities, or other property; prices and conditions
§ 450.2304 Corporation organized on membership basis; provisions of articles or bylaws; rights, preferences, and limitations of or on members; classes of members; voting rights; condominium association; hom
§ 450.2305 Corporation organized on directorship basis; members; voting; matters subject to action by board of directors
§ 450.2307 Subscription for shares or membership; enforceability; irrevocability; acceptance; consent to revocation; subscription agreement
§ 450.2308 Subscription for shares or membership; payment; installments; call for payment ratable; retention of security interest as security for performance by subscriber
§ 450.2309 Default in payment of amount due under subscription agreement; rights and duties of corporation; limiting and adding to rights and remedies of corporation
§ 450.2310 Rescission of subscription under which part of shares issued and in which security interest retained as cancellation of shares
§ 450.2311 Fees or dues required as condition of shareholding or membership; fixing; enforcement
§ 450.2313 Corporation, foreign corporation, business corporation, foreign business corporation, limited liability company, unincorporated association, partnership, or other person as shareholder or member;
§ 450.2314 Corporation organized on stock basis; issuance of shares; powers
§ 450.2317 Person purchasing shares of corporation; person holding stock or membership in fiduciary or representative capacity; person becoming assignee, transferee, or pledgee of shares or membership; liab
§ 450.2327 Charges and expenses of organization or reorganization; sale or underwriting expenses and compensation; payment or allowance
§ 450.2331 Representation of shares by certificates; signatures of officers; seal; facsimiles
§ 450.2332 Certificate representing shares; required statements
§ 450.2334 Lost or destroyed certificate; issuance of new certificate; bond
§ 450.2336 Authorization of shares without certificates
§ 450.2338 Issuing fractions of shares; powers of corporation; providing opportunity to purchase additional fractions of share or scrip
§ 450.2341a Issuance of shares pro rata and without consideration; issuance of shares as share dividend; “share dividend” defined
§ 450.2343 Preemptive right of shareholder of corporation organized on stock basis to acquire unissued shares; extent; statement; principles; “shares” defined
§ 450.2344 Acquisition of own shares or memberships; amendment of articles of incorporation
§ 450.2345 Distributions to shareholders or members
§ 450.2391 Conferring voting and inspection rights upon bond holders; signatures of officers
§ 450.2392 Applicability of chapter to distributions made in dissolution under chapter 8
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Terms Used In Michigan Laws > Chapter 450 > Act 162 of 1982 > Chapter 3

  • Agricultural product: means any agricultural commodity or product, whether raw or processed, including any commodity or product derived from livestock that is marketed for human or livestock use or consumption. See Michigan Laws 286.903
  • 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.
  • Aquacultural products: means any products, coproducts, or by-products of aquaculture species. See Michigan Laws 286.872
  • Aquaculture: means the commercial husbandry of aquaculture species on the approved list of aquaculture species, including, but not limited to, the culturing, producing, growing, using, propagating, harvesting, transporting, importing, exporting, or marketing of aquacultural products under an appropriate permit or registration. See Michigan Laws 286.872
  • Aquaculture facility: means a farm or farm operation engaged in any aspect of aquaculture in privately controlled waters capable of holding all life stages of aquaculture species with a barrier or enclosure to prevent their escape into waters of the state. See Michigan Laws 286.872
  • Aquaculture facility registration: means a registration issued by the director allowing a facility to engage in aquaculture. See Michigan Laws 286.872
  • Aquaculture research permit: means a permit issued by the director to researchers to study and culture aquaculture species not included on the approved list of aquaculture species for the evaluation of aquacultural potential and to provide a scientific basis for including the aquaculture species on the approved list. See Michigan Laws 286.872
  • Aquaculture species: means aquatic animal organisms including, but not limited to, fish, crustaceans, mollusks, reptiles, or amphibians reared or cultured under controlled conditions in an aquaculture facility. See Michigan Laws 286.872
  • Aquaculturist: means a person involved in or engaged in any aspect of aquaculture. See Michigan Laws 286.872
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Cannabis: means the plant Cannabis sativa L. See Michigan Laws 286.842
  • certified: means a determination made by a registered certifying agent that an agricultural product has been produced and handled in compliance with the Michigan organic standards. See Michigan Laws 286.903
  • Certifying agent: means an entity registered by the department that certifies production or handling operations or portions of production or handling operations as meeting the Michigan organic standards. See Michigan Laws 286.903
  • Commingling: means the mixing together of or physical contact between unpackaged organic products and nonorganic agricultural products during production or handling. See Michigan Laws 286.903
  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • Confinement research facility: means a facility holding an aquaculture research permit, enclosed in a secure structure, and separated from other aquaculture facilities and in which aquaculture species are isolated and maintained in complete and continuous confinement to prevent their escape into the environment and to prevent the release of any possible pathogens into the environment. See Michigan Laws 286.872
  • Contract: A legal written agreement that becomes binding when signed.
  • Conviction: A judgement of guilt against a criminal defendant.
  • 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.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Department: means the Michigan department of agriculture. See Michigan Laws 286.903
  • Department: means the department of agriculture and rural development. See Michigan Laws 286.842
  • Department: means the Michigan department of agriculture. See Michigan Laws 286.872
  • Dependent: A person dependent for support upon another.
  • Director: means the director of the department or his or her designee. See Michigan Laws 286.903
  • Director: means the director of the department, or his or her designee. See Michigan Laws 286.842
  • Director: means the director of the Michigan department of agriculture or his or her designee. See Michigan Laws 286.872
  • 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
  • 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.
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • farm operation: means those terms as defined in the Michigan right to farm act, 1981 PA 93, MCL 286. See Michigan Laws 286.872
  • Fiduciary: A trustee, executor, or administrator.
  • Genetically engineered: refers to an organism whose genome, chromosomal or extrachromosomal, is modified permanently and heritably using recombinant nucleic acid techniques, or the progeny thereof. See Michigan Laws 286.872
  • Germane: On the subject of the pending bill or other business; a strict standard of relevance.
  • Grower: means a person registered by the department under this act to grow industrial hemp. See Michigan Laws 286.842
  • Handle: means to sell, process, or package agricultural products. See Michigan Laws 286.905
  • Handler: means any person engaged in the business of handling agricultural products as organic products including producers who handle crops or livestock of their own production. See Michigan Laws 286.905
  • Handling operation: means any operation or portion of an operation that sells, transports, receives, or otherwise acquires agricultural products as organic products and processes, packages, or stores such organic products. See Michigan Laws 286.905
  • 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
  • Industrial hemp: means that term as defined in section 3 of the Michigan Regulation and Taxation of Marihuana Act, 2018 IL 1, MCL 333. See Michigan Laws 286.842
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
  • Ionizing radiation: means gamma-ray emissions from radioactive isotopes such as cobalt-60 or cesium-137; x-rays; electron beams; or any other radiation capable of altering a food's molecular structure, used for purposes that include, but are not limited to, controlling microbes, pathogens, parasites, and pests in food, preserving a food, or inhibiting physiological processes such as sprouting or ripening. See Michigan Laws 286.905
  • 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.
  • Labeling: means all labels and other written, printed, or graphic matter upon an article or any of its containers or wrappers or accompanying the article. See Michigan Laws 286.905
  • Law enforcement officer: means a person appointed by the state or a local governmental unit who is responsible for the enforcement of the criminal laws of this state. See Michigan Laws 286.872
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Licensing and registration fund: means the industrial hemp licensing and registration fund created in section 5. See Michigan Laws 286.842
  • Livestock: means any cattle, sheep, goat, swine, poultry, captive cervidae, ratites, or equine animals used for food, fiber, feed, or other agricultural based consumer products, wild or domesticated game, or other nonplant life including fish or bees. See Michigan Laws 286.905
  • Michigan organic standards: means those organic production and handling standards defined by this act, rules adopted under this act, or both, that are designed to combine organic production or handling practices and an audit trail that will ensure the integrity of organic products from the producer to the consumer. See Michigan Laws 286.907
  • 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.
  • Organic: means a labeling term referring to an agricultural product produced in accordance with the standards described in this act, rules adopted under this act, or both. See Michigan Laws 286.907
  • Organic advisory committee: means the committee created under section 25. See Michigan Laws 286.907
  • Organic product: means agricultural products including, but not limited to, crops, livestock, livestock products, or other agricultural products that are produced organically for human or livestock use or consumption. See Michigan Laws 286.907
  • 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.
  • Person: means an individual, corporation, limited liability company, partnership, association, joint venture, or other legal entity. See Michigan Laws 286.872
  • Person: means an individual, partnership, corporation, association, or other legal entity. See Michigan Laws 286.842
  • Person: means an individual, group of individuals, contractor, corporation, limited liability company, partnership, joint venture, cooperative, community supported agricultural entity, or any other legal entity. See Michigan Laws 286.907
  • person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
  • Privately controlled waters: means waters controlled within ponds, vats, raceways, tanks, and any other indoor or outdoor structure wholly within or on land owned or leased by an aquaculturist and used with an aquaculture facility or confinement research facility. See Michigan Laws 286.872
  • Processor-handler: means a person licensed by the department under this act to process, handle, broker, or market industrial hemp. See Michigan Laws 286.842
  • Producer: means a person who engages in the business of growing or producing agricultural products. See Michigan Laws 286.907
  • Recombinant nucleic acid techniques: means laboratory techniques through which genetic material is isolated and manipulated in vitro and then inserted into an organism. See Michigan Laws 286.872
  • 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.
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Right of rescission: Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA). Source: OCC
  • 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
  • Sewage sludge: means solid, semisolid, liquid, or ash residue generated during treatment of domestic or industrial sewage in a treatment works. See Michigan Laws 286.909
  • 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
  • Statute: A law passed by a legislature.
  • Synthetic: means a substance that is formulated or manufactured by a chemical process or by a process that chemically changes a substance extracted from naturally occurring plant, animal, or mineral sources except those substances created by naturally occurring biological processes. See Michigan Laws 286.909
  • Testing facility: means a safety compliance facility licensed under the medical marihuana facilities licensing act, 2016 PA 281, MCL 333. See Michigan Laws 286.842
  • THC: means that term as defined in section 3 of the Michigan Regulation and Taxation of Marihuana Act, 2018 IL 1, MCL 333. See Michigan Laws 286.842
  • United States: shall be construed to include the district and territories. See Michigan Laws 8.3o
  • Waters of the state: means groundwaters, lakes, rivers, and streams and all other watercourses and waters within the jurisdiction of the state and also the Great Lakes bordering the state. See Michigan Laws 286.872