Michigan Laws > Chapter 500 > Act 218 of 1956 > Chapter 13 – Holding Companies
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Terms Used In Michigan Laws > Chapter 500 > Act 218 of 1956 > Chapter 13 - Holding Companies
- 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.
- 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.
- Applicant: means a person that submits an application for a registration. See Michigan Laws 333.29103
- Arrest: Taking physical custody of a person by lawful authority.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
- Business: includes an activity engaged in by a person or caused to be engaged in by that person with the object of gain, benefit, or advantage, either direct or indirect. See Michigan Laws 205.51
- Cannabis: means the plant Cannabis sativa L. See Michigan Laws 333.29103
- Certified public accountant: means a person licensed as a certified public accountant under article 7 of the occupational code, 1980 PA 299, MCL 339. See Michigan Laws 338.822
- Chlorofluorocarbon compound: means trichloromonofluoromethane (CFCl3) (propellant 11), dichlorodifluoromethane (CF2Cl2) (propellant 12), or tetrafluorodichloroethane (C2F4Cl2) (propellant 14). See Michigan Laws 336.101
- Civil forfeiture: The loss of ownership of property used to conduct illegal activity.
- Commissioner: means the director. See Michigan Laws 500.102
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- Compliance monitoring testing facility: means a laboratory that meets both of the following requirements:
(i) Is registered with the DEA to conduct chemical analysis of controlled substances under 21 C. See Michigan Laws 333.29103Computer: means an electronic device that accepts information in digital or similar form and manipulates it for a result based on a sequence of instructions. See Michigan Laws 205.51a Computer forensics: means the collection, investigation, analysis, and scientific examination of data held on, or retrieved from, computers, computer networks, computer storage media, electronic devices, electronic storage media, or electronic networks, or any combination thereof. See Michigan Laws 338.822 Computer software: means a set of coded instructions designed to cause a computer or automatic data processing equipment to perform a task. See Michigan Laws 205.51a Contract: A legal written agreement that becomes binding when signed. Controlled substance felony: means a felony violation of the laws of any state having to do with controlled substances or a felony violation of federal law having to do with controlled substances. See Michigan Laws 333.29103 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. Corrective action plan: means a plan created under section 601. See Michigan Laws 333.29103 Criminal history record information: means that term as defined in section 1a of 1925 PA 289, MCL 28. See Michigan Laws 333.29103 Criminal history report: means a report that meets all of the following requirements:
(i) Is prepared by the United States Federal Bureau of Investigation or another authority approved by the department. See Michigan Laws 333.29103Culpable mental state greater than negligence: means to act intentionally, knowingly, willfully, or recklessly. See Michigan Laws 333.29103 Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries. DEA: means the United States Drug Enforcement Administration. See Michigan Laws 333.29103 Dental prosthesis: means a bridge, crown, denture, or other similar artificial device used to repair or replace intraoral defects such as missing teeth, missing parts of teeth, and missing soft or hard structures of the jaw or palate. See Michigan Laws 205.51a Department: means the department of treasury. See Michigan Laws 205.51 Department: means the cannabis regulatory agency. See Michigan Laws 333.27953 Department: means the department of public health. See Michigan Laws 336.101 Department: means the department of licensing and regulation. See Michigan Laws 338.21 Department: means the Michigan department of labor and economic growth. See Michigan Laws 338.822 Department: means the department of agriculture and rural development. See Michigan Laws 333.29103 Department: means the department of insurance and financial services. See Michigan Laws 500.102 Designated sampling agent: means a federal, state, or local law enforcement agent authorized by the department to collect official samples under section 401. See Michigan Laws 333.29103 Director: means the director of the department. See Michigan Laws 338.21 Director: means , unless the context clearly implies a different meaning, the director of the department. See Michigan Laws 500.102 Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial. Dispose: means an activity that transitions industrial hemp into a nonretrievable or noningestible form of industrial hemp under section 407. See Michigan Laws 333.29103 Dry weight basis: means the ratio of the amount of moisture in cannabis to the amount of solid in cannabis. See Michigan Laws 333.29103 Dwelling: means a house, building, tent, trailer, vehicle, or other shelter that is occupied in whole or in part as a home, residence, living place, or sleeping place for 1 or more individuals either permanently or transiently, or any portion thereof. See Michigan Laws 333.29103 Electronic: means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities. See Michigan Laws 205.51a 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 Enterprise risk: means an activity, circumstance, event, or series of events involving 1 or more affiliates of an insurer that, if not remedied promptly, is likely to have a material adverse effect on the financial condition or liquidity of the insurer or its insurance holding company system as a whole, including, but not limited to, anything that would cause the insurer to be hazardous to policyholders, creditors, and the public. See Michigan Laws 500.1301 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. Executor: A male person named in a will to carry out the decedent 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. Felony: means a violation of a penal law of this state for which the offender may be punished by imprisonment for more than 1 year or an offense expressly designated by law as a felony. See Michigan Laws 338.41 firearm: except as otherwise specifically defined in statute, includes any weapon which will, is designed to, or may readily be converted to expel a projectile by action of an explosive. See Michigan Laws 8.3t 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. Fraud: Intentional deception resulting in injury to another. 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 Fund: means the industrial hemp fund created in section 107. See Michigan Laws 333.29103 good moral character: when used as a requirement for an occupational or professional license or when used as a requirement to establish or operate an organization or facility regulated by this state in a statute of this state or administrative rules promulgated under a statute of this state, means the propensity on the part of an individual to serve the public in the licensed area in a fair, honest, and open manner. See Michigan Laws 338.41 Good standing: means all fees or fines owed under this act are paid and there are no outstanding fees or fines owed to the department. See Michigan Laws 333.29103 GPS coordinates: means latitude and longitude coordinates derived from a global positioning system that are taken from a central point within a growing area or structure and that include decimal degrees to 6 places after the decimal. See Michigan Laws 333.29103 Gross proceeds: means sales price. See Michigan Laws 205.51 Group-wide supervisor: means the regulatory official authorized to engage in conducting and coordinating group-wide supervision activities who is determined or acknowledged by the director under section 1359 to have sufficient contacts with the internationally active insurance group. See Michigan Laws 500.1301 Grower: means a person that is required to be registered under section 201. See Michigan Laws 333.29103 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 333.29103 Industrial hemp plan: means the plan created under section 105. See Michigan Laws 333.29103 Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury. Insurance adjuster: means a person other than a professional investigator who, for a consideration, engages in the activities described in subdivision (e) in the course of adjusting or otherwise participating in the disposal of claims under or in connection with a policy of insurance. See Michigan Laws 338.822 Insurance holding company system: means 2 or more affiliated persons, 1 or more of which is an insurer. See Michigan Laws 500.115 Insurer: means that term as defined in section 106 and includes a nonprofit dental care corporation operating under 1963 PA 125, MCL 550. See Michigan Laws 500.1301 Internationally active insurance group: means an insurance holding company system to which both of the following apply:
(i) The insurance holding company system includes an insurer registered under section 1324. See Michigan Laws 500.1301Investigation business: means a business that, for a fee, reward, or other consideration, engages in business or accepts employment to furnish, or subcontracts or agrees to make, or makes an investigation for the purpose of obtaining information with reference to any of the following:
(i) Crimes or wrongs done or threatened against the United States or a state or territory of the United States, or any other person or legal entity. See Michigan Laws 338.822Jurisdiction: (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. Key participant: means a person that has a direct or indirect financial interest in the person or business producing hemp or a person in a corporate entity at an executive level that is regularly responsible for decision making impacting the growing of industrial hemp. See Michigan Laws 333.29103 Lead state commissioner: means the insurance commissioner of the state in which an insurer member of an insurance holding company system is domiciled and that is determined to be the lead state under the procedures in the Financial Analysis Handbook, as adopted by the director. See Michigan Laws 500.1301 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 Legal tender: coins, dollar bills, or other currency issued by a government as official money. Source: U.S. Mint Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. License: includes a registration. See Michigan Laws 338.41 Licensee: means a person licensed under this act. See Michigan Laws 338.822 Licensing board or agency: means a principal department, or a board or agency within a principal department, that issues occupational or professional licenses. See Michigan Laws 338.41 Lien: A claim against real or personal property in satisfaction of a debt. Lot: means either of the following:
(i) A contiguous area in a field, greenhouse, or other indoor growing area that contains the same variety or strain of cannabis throughout. See Michigan Laws 333.29103Marihuana: means any of the following:
(i) A plant of the genus Cannabis, whether growing or not. See Michigan Laws 333.27953Marihuana: 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 333.29103 Marihuana establishment: means a marihuana grower, marihuana safety compliance facility, marihuana processor, marihuana microbusiness, marihuana retailer, marihuana secure transporter, or any other type of marihuana-related business licensed by the cannabis regulatory agency. See Michigan Laws 333.27953 Measurement of uncertainty: means the parameter associated with the result of a measurement that characterizes the dispersion of the values that could reasonably be attributed to the particular quantity subject to the measurement. See Michigan Laws 333.29103 Minority leader: See Floor Leaders 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 Municipal license: means a license issued by a municipality pursuant to section 16 that allows a person to operate a marihuana establishment in that municipality. See Michigan Laws 333.27953 Municipality: means a city, village, or township. See Michigan Laws 333.27953 NAIC: means the National Association of Insurance Commissioners. See Michigan Laws 500.1301 NAIC Liquidity Stress Test Framework: means a separate NAIC publication that includes all of the following components:
(i) A history of the NAIC's development of regulatory liquidity stress testing. See Michigan Laws 500.1301Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose. Noncompliant industrial hemp: means industrial hemp that is not in compliance with this act or the rules promulgated under this act. See Michigan Laws 333.29103 Nonhydrogenated: means containing no hydrogen. See Michigan Laws 336.101 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. Official hemp sample: means a sample of an industrial hemp lot that is collected by a designated sampling agent under section 401 in accordance with department sampling protocols and is tested by a regulatory testing facility. See Michigan Laws 333.29103 Oversight: Committee review of the activities of a Federal agency or program. Ozone: means an allotropic, triatomic form of oxygen, chemically described as O3. See Michigan Laws 336.101 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, firm, partnership, joint venture, association, social club, fraternal organization, municipal or private corporation whether organized for profit or not, company, limited liability company, estate, trust, receiver, trustee, syndicate, the United States, this state, county, or any other group or combination acting as a unit, and includes the plural as well as the singular number, unless the intention to give a more limited meaning is disclosed by the context. See Michigan Laws 205.51 Person: means an individual, corporation, limited liability company, partnership of any type, trust, or other legal entity. See Michigan Laws 333.27953 Person: means that term as defined in section 114, except that it does not include a securities broker that does not perform more than the usual and customary broker's function, so long as the securities broker holds less than 10% of the voting securities of an insurer or of any person that controls an insurer. See Michigan Laws 500.1301 Person: means an individual, partnership, corporation, association, college or university, or other legal entity. See Michigan Laws 333.29103 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. Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court. Postdecarboxylation test: means a test of cannabis for delta-9-THC after a carboxyl group is eliminated from delta-9-THC acid. See Michigan Laws 333.29103 Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way. Principal department: means a department that has jurisdiction over a licensing board or agency. See Michigan Laws 338.41 Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed. Professional engineer: means a person licensed under article 20 of the occupational code, 1980 PA 299, MCL 339. See Michigan Laws 338.822 Professional investigator: means a person, other than an insurance adjuster who is on salary and employed by an insurance company, who for a fee, reward, or other consideration engages in the investigation business. See Michigan Laws 338.822 Program: means the industrial hemp program established by this act. See Michigan Laws 333.29103 Prosthetic device: means , except as provided in section 4ff, a replacement, corrective, or supportive device, other than contact lenses and dental prosthesis, dispensed pursuant to a prescription, including repair or replacement parts for that device, worn on or in the body to do 1 or more of the following:
(i) Artificially replace a missing portion of the body. See Michigan Laws 205.51aPublic law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide. 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. Registration: means a grower registration granted under this act. See Michigan Laws 333.29103 Regulatory testing facility: means a laboratory that meets all of the following requirements:
(i) Is registered with the DEA. See Michigan Laws 333.29103Remediate: means an activity that transitions noncompliant industrial hemp into industrial hemp that is in compliance with this act and the rules promulgated under this act under section 407. See Michigan Laws 333.29103 Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals). Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action. Restricted use chlorofluorocarbon compound: means a chlorofluorocarbon compound and those related nonhydrogenated chlorofluorocarbons with similar physical and chemical properties, which the department finds is likely to contribute to the depletion of the ozone layer and by virtue of this depletion creates a present or future risk of harmful effects to human beings or other forms of life. See Michigan Laws 336.101 retail sale: means a sale, lease, or rental of tangible personal property for any purpose other than for resale, sublease, or subrent. See Michigan Laws 205.51 Scope criteria: means , as detailed in the NAIC Liquidity Stress Test Framework, the designated exposure bases and their minimum magnitudes for a specified data year that are used to establish a preliminary list of insurers considered scoped into the NAIC Liquidity Stress Test Framework for that data year. See Michigan Laws 500.1301 Sequester: To separate. Sometimes juries are sequestered from outside influences during their deliberations. Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims. shall not apply: means that the pertinent provision is not operative as to certain persons or things or in conjunction with a particular date or dates. See Michigan Laws 8.4c 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 license: means a license issued by the cannabis regulatory agency that allows a person to operate a marihuana establishment. See Michigan Laws 333.27953 Statute: A law passed by a legislature. Statute of limitations: A law that sets the time within which parties must take action to enforce their rights. Subpoena: A command to a witness to appear and give testimony. Tangible personal property: means personal property that can be seen, weighed, measured, felt, or touched or that is in any other manner perceptible to the senses and includes electricity, water, gas, steam, and prewritten computer software. See Michigan Laws 205.51a Tax: includes a tax, interest, or penalty levied under this act. See Michigan Laws 205.51 Taxpayer: means a person subject to a tax under this act. See Michigan Laws 205.51 Testify: Answer questions in court. 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 333.29103 Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident. Trustee: A person or institution holding and administering property in trust. United States: shall be construed to include the district and territories. See Michigan Laws 8.3o Unofficial hemp sample: means a sample of industrial hemp collected by a grower for routine compliance monitoring testing throughout the growing season for testing by a compliance monitoring testing facility. See Michigan Laws 333.29103 USDA: means the United States Department of Agriculture. See Michigan Laws 333.29103 Utility: means either of the following:
(i) A person regulated by the Michigan public service commission as a utility. See Michigan Laws 205.51Variety: means a subdivision of a species that has the following characteristics:
(i) The subdivision is uniform, in the sense that variations between the subdivision and other subdivisions in essential and distinctive characteristics are describable. See Michigan Laws 333.29103Viable seed: means seed that has a germination rate of greater than 0. See Michigan Laws 333.29103 Voting security: includes any security convertible into or evidencing a right to acquire a voting security. See Michigan Laws 500.115 Writ: A formal written command, issued from the court, requiring the performance of a specific act.