§ 450.2401 Meetings of shareholders or members; location
§ 450.2402 Annual meeting of shareholders or members for election of directors and conduct other business; failure to hold meeting at designated time or elect sufficient number of directors; adjournment of meeti
§ 450.2403 Special meeting of shareholders or members; court order; quorum
§ 450.2404 Notice of time, place, and purposes of meeting of shareholders or members; manner; contents; notice of adjourned meeting; notice not given; attendance at meeting; participating and voting by remote co
§ 450.2405 Shareholder, member, or proxy holder participation in meeting by conference telephone or other means of remote communication; conditions; participation as presence in person at meeting; participating
§ 450.2406 Chairperson presiding at meeting of shareholders or members; powers, duties, and authority
§ 450.2406a Notice by electronic transmission
§ 450.2407 Taking corporate action without meeting; consent; notice; statement on filed certificate; consent by electronic transmission; delivery
§ 450.2408 Taking corporate action without meeting; shareholder or member action by ballot; requirements; revocation of ballot; inclusion of proposed action in ballot; statement of certificate
§ 450.2409 Taking corporate action without meeting; voting by shareholder or member at polling place; accessibility; requirements; revocation of ballot; inclusion of proposed action in ballot; statement on certi
§ 450.2412 Record date
§ 450.2413 Making and certifying list of shareholders or members entitled to vote at meeting or adjournment; requirements; noncompliance; adjournment of meeting; validity of action taken
§ 450.2415 Quorum; continuing conduct of business if less than quorum; adjournment of meeting; shareholders entitled to vote separately
§ 450.2421 Authorizing person to act for shareholder or member by proxy; election of directors by proxy; validity; revocability; methods of granting authority; use of copy, facsimile, or reproduction
§ 450.2422 Irrevocable proxy
§ 450.2423 Revocability of proxy
§ 450.2431 Inspectors at shareholders’ or members’ meeting; waiver; appointment and duties; failure to appoint; vacancy; report; evidence
§ 450.2432 Beneficial owner of shares or memberships registered in name of nominee; recognition by corporation as shareholder or member; procedure
§ 450.2441 Voting generally
§ 450.2442 Voting as class
§ 450.2443 Grouping of members in local units; basis; purpose; actions authorized by bylaws; incorporation and powers of local units; powers, rights, and privileges of elected representatives or delegates
§ 450.2444 Voting by corporation or business corporation; voting of pledged shares
§ 450.2445 Voting of shares or membership held by person in representative or fiduciary capacity or held jointly by fiduciaries
§ 450.2446 Voting of shares or membership held by joint tenants or tenants in common
§ 450.2447a Voting of shares or memberships if owned by another corporation or business corporation
§ 450.2448 Redemption of shares; voting
§ 450.2451 Voting for directors
§ 450.2455 Action requiring vote or concurrence of greater proportion of shares, members, or class than required by act; amendment of articles of incorporation
§ 450.2461 Agreement as to voting rights
§ 450.2466 Transfer of shares or membership to trustee; filing of voting rights agreement; voting and other rights of trustee; inspection of filed copy of voting trust agreement; description of beneficial intere
§ 450.2467 Shares or memberships subject to voting trust; liability of trustee; designation of 2 or more persons as voting trustees
§ 450.2468 Extension of voting trust agreement
§ 450.2471 Shares as personal property; transfer; applicability of MCL 440.8101 to 440.8601
§ 450.2472 Transfer or registration of bond, share, or membership; written restriction
§ 450.2473 Transfer or registration of bond, share, or membership; imposition of restrictions; conditions
§ 450.2485 Books, records, and minutes
§ 450.2487 Mailing balance sheet and statements to shareholder or member upon request; inspection during regular business hours; written demand; “proper purpose” defined; order compelling inspection; burden of p
§ 450.2488 Agreement among members of corporation
§ 450.2489 Court action that certain acts illegal, fraudulent, or willfully unfair and oppressive; order or relief; “willfully unfair and oppressive conduct” defined
§ 450.2491a Definitions
§ 450.2492a Derivate proceeding; criteria to be met by shareholder or member
§ 450.2493a Derivative proceeding; commencement
§ 450.2494 Derivative proceeding; investigation; issuance of stay
§ 450.2495 Derivative proceeding; dismissal
§ 450.2496 Derivative proceeding; discontinuance or settlement; court approval required
§ 450.2497 Derivative proceeding; termination

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Terms Used In Michigan Laws > Chapter 450 > Act 162 of 1982 > Chapter 4

  • Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
  • 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.
  • 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.
  • 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
  • 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.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Board: means the rural development fund board established in section 3. See Michigan Laws 286.942
  • 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
  • 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
  • Commission: means the commission of agriculture and rural development. See Michigan Laws 286.942
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • 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.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • 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
  • Department: means the Michigan department of agriculture. See Michigan Laws 286.903
  • Department: means the department of agriculture and rural development. See Michigan Laws 286.942
  • 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
  • Director: means the director of the department or his or her designee. See Michigan Laws 286.903
  • Director: means the director of the department. See Michigan Laws 286.942
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • 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.
  • 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.
  • 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.
  • 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 rural development fund created in section 5. See Michigan Laws 286.942
  • 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
  • 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
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • 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
  • 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
  • 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
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • 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
  • 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
  • Market: means to promote or sell industrial hemp or an industrial hemp commodity or product. See Michigan Laws 286.842
  • 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
  • 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 agriculture: means an agricultural management system that enhances biodiversity, biological cycles, and soil biological activity to produce healthy plants and animals and fosters human and environmental health. See Michigan Laws 286.907
  • Organic plan: means a plan of management of an organic production or handling operation that has been agreed to by the producer or handler and the certifying agent and that includes written plans concerning all aspects of agricultural production and handling as described in this act, rules adopted under this act, or both. 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
  • 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.
  • Person: means an individual, partnership, corporation, association, or other legal entity. See Michigan Laws 286.842
  • 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, 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
  • Personal property: All property that is not real property.
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Plot: means a contiguous area in a field, greenhouse, or indoor growing structure containing the same variety of industrial hemp throughout the area. See Michigan Laws 286.842
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • 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
  • Process: means to convert raw industrial hemp into a marketable form. See Michigan Laws 286.842
  • Processing: means processes that include, but are not limited to, cooking, baking, heating, drying, mixing, grinding, churning, separating, extracting, cutting, fermenting, eviscerating, preserving, dehydrating, freezing, or other manufacturing process and includes the packaging, canning, jarring, or otherwise enclosing of food in a container. See Michigan Laws 286.907
  • 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
  • Program: means the industrial hemp licensing and registration program established by this act. See Michigan Laws 286.842
  • Quorum: The number of legislators that must be present to do business.
  • 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.
  • Research fund: means the industrial hemp research and development fund created in section 4. See Michigan Laws 286.842
  • 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
  • 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.
  • 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
  • Telecommunication facilities: means either or both of the following:
  (i) Telecommunication facilities as defined in section 2 of the metropolitan extension telecommunications rights-of-way oversight act, 2002 PA 48, MCL 484. See Michigan Laws 286.942
  • 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
  • Trustee: A person or institution holding and administering property in trust.
  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
  • 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