§ 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 distributio
§ 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; homeowne
§ 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; offi
§ 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; liability
§ 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

  • AASSPs: means anhydrous ammonia safety and security practices established by the commission under section 5. See Michigan Laws 286.773
  • Advertising: means all representations other than those on the label, disseminated in any manner or by any means, and relating to seed within the scope of this act. See Michigan Laws 286.702
  • 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.
  • Agricultural seed: means the seed of grass, forage, cereal, fiber, oil plants, and any other seed commonly recognized within this state as agricultural or field seed, lawn seed, or mixtures of those seeds. See Michigan Laws 286.702
  • 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.
  • Anhydrous ammonia: means an inorganic compound that consists of 1 nitrogen atom and 3 hydrogen atoms and has a chemical formula of NH3. See Michigan Laws 286.773
  • 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.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Bee disease: means American or European foulbrood, sacbrood, bee paralysis, parasites of bees, or other disease or abnormal condition of the egg, larval, pupal, or adult stages of bees. See Michigan Laws 286.801
  • Bees: means any life stage of the common honey bee, Apis mellifera L. See Michigan Laws 286.801
  • Blend: means seed consisting of more than 1 variety of a kind, each in excess of 5% of the whole. See Michigan Laws 286.702
  • Brand: means a word, name, symbol, number, or design used to identify seed of 1 person to distinguish it from the seed of another person. See Michigan Laws 286.702
  • Broker: means to engage or participate in the marketing of industrial hemp by acting as an intermediary or negotiator between prospective buyers and sellers. See Michigan Laws 286.842
  • Cannabis: means the plant Cannabis sativa L. See Michigan Laws 286.842
  • Commission: means the commission of agriculture. See Michigan Laws 286.773
  • 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.
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Conditioning: means drying, cleaning, scarifying, and other operations that change the purity or germination of the seed and require the seed lot to be retested to determine the label information. See Michigan Laws 286.702
  • Contract: A legal written agreement that becomes binding when signed.
  • Controlling the pollination: means a method of hybridization that will produce pure seed that is at least 75% hybrid seed. See Michigan Laws 286.702
  • 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.
  • Crop seed: means the seed of plants grown as crops, other than the kind or variety included in the pure seed, as determined by methods defined by rule promulgated under this act. See Michigan Laws 286.702
  • 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 department of agriculture and rural development. See Michigan Laws 286.842
  • Dependent: A person dependent for support upon another.
  • Director: means the director of the department. See Michigan Laws 286.682
  • Director: means director of the department of agriculture and rural development or his or her authorized representative. See Michigan Laws 286.702
  • Director: means the director of the department of agriculture. See Michigan Laws 286.801
  • Director: means the director of the department, or his or her designee. See Michigan Laws 286.842
  • Dormant seed: means viable seed, excluding hard seed that fail to germinate when provided with the specified germination conditions for the kind of seed in question. See Michigan Laws 286.702
  • End user: means the person actually using anhydrous ammonia for a legal purpose. See Michigan Laws 286.773
  • 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.
  • Fiduciary: A trustee, executor, or administrator.
  • Flower seed: means the seed of those plants usually grown for their blooms, ornamental foliage, or other ornamental parts and commonly are known and sold under the name of flower seed in this state. See Michigan Laws 286.702
  • Forest tree seed: means the seeds of those forest trees that are usually grown in nurseries and forests in this state, and that are listed in the rules promulgated under this act. See Michigan Laws 286.702
  • Fund: means the agriculture licensing and inspection fees fund created in section 9 of the insect pest and plant disease act, 1931 PA 189, MCL 286. See Michigan Laws 286.682
  • Germane: On the subject of the pending bill or other business; a strict standard of relevance.
  • GPS coordinates: means latitude and longitude coordinates derived from a global positioning system. See Michigan Laws 286.842
  • Grow: means to plant, propagate, grow, cultivate, or harvest live plants or viable seeds. See Michigan Laws 286.842
  • Grower: means a person registered by the department under this act to grow industrial hemp. See Michigan Laws 286.842
  • Handle: means to possess, store, or transport industrial hemp on premises owned, operated, or controlled by a registered grower or licensed processor-handler. See Michigan Laws 286.842
  • Hybrid: means , as applied to kinds or varieties of seed, the first generation seed of a cross, produced by controlling the pollination and by combining 2 or more inbred lines, or 1 inbred line or a single cross with an open pollinated variety, or 2 selected clones, seed lines, varieties, or species, except open pollinated varieties of corn such as zea mays. See Michigan Laws 286.702
  • 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
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • 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
  • Inert matter: means broken seed 1/2 or less the original size, seeds of legumes or crucifers with seed coats removed, undeveloped or badly injured weed seed, the empty glumes or attached sterile glumes of grasses, stems, leaves, stones, chaff, soil, insects, fungal bodies, material added in coating or pelleting, and all other matter other than pure seed, weed, or crop seed, as determined by methods defined by rule promulgated under this act. See Michigan Laws 286.702
  • 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.
  • 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.
  • Kind: means 1 or more related species or subspecies that singly or collectively is known by 1 common name, including, but not limited to, oats, wheat, soybeans, and corn. See Michigan Laws 286.702
  • Label: includes all labels, and other written, printed, or graphic representation in any form, accompanying or pertaining to any seed in bulk or in containers and includes representation on invoices, bills, and letterheads. See Michigan Laws 286.702
  • 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
  • Lot: means a definite quantity of seed identified by a number or other mark, every portion of which is uniform within recognized tolerances for the factors that appear in the labeling. See Michigan Laws 286.702
  • Market: means to promote or sell industrial hemp or an industrial hemp commodity or product. See Michigan Laws 286.842
  • Mixture: means seed consisting of more than 1 kind, each in excess of 5% of the whole. See Michigan Laws 286.702
  • 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
  • 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.
  • 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, partnership, association, corporation, governmental entity, or other legal entity. See Michigan Laws 286.682
  • Person: means any individual, partnership, company, corporation, society, cooperative, union, or association. See Michigan Laws 286.702
  • Person: means an individual, partnership, corporation, association, or other legal entity. See Michigan Laws 286.842
  • person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
  • Process: means to convert raw industrial hemp into a marketable form. See Michigan Laws 286.842
  • 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
  • Program: means the industrial hemp licensing and registration program established by this act. See Michigan Laws 286.842
  • Pure seed: means seed exclusive of inert matter and all other seeds not of the seed being considered, as determined by methods defined by rule promulgated under this act. See Michigan Laws 286.702
  • Records: means all label information and the source of this information required by this act for the seed being considered, and all information relating to the shipment or shipments involved with seed, such as invoices, vouchers, freight bills, and other records. See Michigan Laws 286.702
  • Representative sample: means a sample taken from a seed lot that is of sufficient size to supply an adequate amount of seed for laboratory testing and that is secured and submitted according to the guidelines approved by the director. See Michigan Laws 286.702
  • 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.
  • Restricted noxious weed seed: means the seeds of the plants that are objectionable in the fields, lawns, and gardens of this state but can be controlled by ordinary good cultural practices, and that are listed in the rules promulgated under this act. See Michigan Laws 286.702
  • 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
  • Rule: means a rule promulgated pursuant to the administrative procedures act of 1969, 1969 PA 306, MCL 24. See Michigan Laws 286.682
  • Rule: means a rule promulgated pursuant to the administrative procedures act of 1969, 1969 PA 306, MCL 24. See Michigan Laws 286.702
  • 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
  • Seizure: means a legal process carried out by a court order against a definite amount of seed. See Michigan Laws 286.702
  • Seller: means a person selling anhydrous ammonia at wholesale or retail to an end user for a legal purpose. See Michigan Laws 286.773
  • 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.
  • Stop sale: means an administrative order restraining the sale, disposition, and movement of a definite amount of seed. See Michigan Laws 286.702
  • 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
  • Tolerance: means the allowable deviation from any percentage claim used on a label and is based on the law of normal variation from a mean. See Michigan Laws 286.702
  • Treated: means that the seed has received an effective application of substance or method designed to reduce, control, or repel certain disease organisms, fungi, insects, or other pests attacking the seed or seedlings or has received some other treatment to improve its planting value. See Michigan Laws 286.702
  • Type: means a group of varieties so nearly similar that individual varieties cannot be clearly differentiated except under special conditions. See Michigan Laws 286.702
  • United States: shall be construed to include the district and territories. See Michigan Laws 8.3o
  • Variety: means a subdivision of a kind that is distinct, uniform, and stable; distinct in the sense that the variety can be differentiated by 1 or more identifiable morphological, physiological, or other characteristics from all other varieties of public knowledge; uniform in the sense that variations in essential and distinctive characteristics are describable, and stable in the sense that the variety will remain unchanged in its essential and distinctive characteristics and its uniformity when reproduced or reconstituted as required by the different categories of varieties; for example, heritage oats, augusta wheat, corsoy soybeans. See Michigan Laws 286.702
  • Variety: 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 286.842
  • Vegetable seed: means the seed of those crops that are grown in gardens or on truck farms and that generally are known and sold under the name of vegetable or herb seed in this state. See Michigan Laws 286.702
  • Vendor: means a person engaged in the selling of seed. See Michigan Laws 286.702
  • Weed seed: means the seeds of all plants generally recognized as weeds within the state, as determined by methods defined by rule promulgated under this act, and includes prohibited and restricted noxious weed seeds. See Michigan Laws 286.702