§ 450.4301 Members; contribution
§ 450.4302 Promise by member to contribute; enforcement; obligation to perform; rights of company; compromising obligation; enforcement by creditor of original member’s obligation
§ 450.4303 Distribution of assets; allocation; manner; basis
§ 450.4304 Distribution; conditions for receiving
§ 450.4305 Distributions to withdrawing member
§ 450.4306 Distributions; demand, acceptance, and receipt of distribution; form
§ 450.4307 Distributions prohibited under certain situations; exceptions; effect of distribution under subsection (1); remedies available; future payments to withdrawing members; effect of subsection (1) on
§ 450.4308 Distribution; violating operating agreement or MCL 450.4307; liability of members or managers; presumption of assent; knowledge of violation; contribution; commencement of proceeding

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Terms Used In Michigan Laws > Chapter 450 > Act 23 of 1993 > Article 3

  • 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.
  • Animal: means mollusks, crustaceans, and vertebrates other than human beings including, but not limited to, livestock, exotic animals, aquaculture species, and domestic animals. See Michigan Laws 287.703
  • Animal welfare: means the well-being of animals based upon animal husbandry, animal science, and veterinary science practices and standards. See Michigan Laws 287.703
  • Aquaculture: means the propagation and rearing of aquaculture species on the approved list of aquaculture species under the Michigan aquaculture development act, 1996 PA 199, MCL 286. See Michigan Laws 287.703
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Carcasses: means the dead bodies of domestic animals. See Michigan Laws 287.703
  • Contribution: means anything of value that a person contributes to the limited liability company as a prerequisite for, or in connection with, membership, including cash, property, services performed, or a promissory note or other binding obligation to contribute cash or property, or to perform services. See Michigan Laws 450.4102
  • 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.
  • Dealer: means a person required to be licensed under 1937 PA 284, MCL 287. See Michigan Laws 287.703
  • 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 287.703
  • Director: means the director of the department or his or her authorized representative. See Michigan Laws 287.703
  • Disease: means any animal health condition with potential for economic impact, public or animal health concerns, or food safety concerns. See Michigan Laws 287.703
  • Distribution: means a direct or indirect transfer of money or other property or the incurrence of indebtedness by a limited liability company to or for the benefit of its members or assignees of its members in respect of the members' membership interests. See Michigan Laws 450.4102
  • 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
  • Fair: means a competition and educational exhibition of agricultural commodities and manufactured products for which premiums may be paid. See Michigan Laws 287.703
  • Flock: means all of the poultry on 1 premises or, in the discretion of the department, a group of poultry that is segregated from all other poultry on the same premises. See Michigan Laws 287.703
  • Garbage: means any animal origin products, including those of poultry and fish origin, or other animal material resulting from the handling, processing, preparation, cooking, or consumption of foods. See Michigan Laws 287.703
  • Herd: means an isolated group of livestock maintained on common ground for any purpose, or 2 or more groups of livestock under common ownership or supervision that are geographically separated but that have an interchange or movement of livestock without regard to health status as determined by the director. See Michigan Laws 287.703
  • 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
  • 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.
  • interest: means a member's rights in the limited liability company, including, but not limited to, any right to receive distributions of the limited liability company's assets and any right to vote or participate in management. See Michigan Laws 450.4102
  • 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.
  • Law enforcement agency: means the department of state police, the department of natural resources, a law enforcement agency of a county, township, city, or village, or a tribal law enforcement agency that is responsible for the prevention and detection of crime and enforcement of the criminal laws of this state. See Michigan Laws 287.703
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Livestock: means those species of animals used for human food or for fiber or those species of animals used for service to humans. See Michigan Laws 287.703
  • Member: means a person that has been admitted to a limited liability company as provided in section 501, or, in the case of a foreign limited liability company, a person that is a member of the foreign limited liability company in accordance with the laws under which the foreign limited liability company is organized. See Michigan Laws 450.4102
  • 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.
  • Offal: means the waste parts resulting from the processing of animals, poultry, fish, and aquaculture species. See Michigan Laws 287.703
  • Operating agreement: means a written agreement by the member of a limited liability company that has 1 member, or between all of the members of a limited liability company that has more than 1 member, pertaining to the affairs of the limited liability company and the conduct of its business. See Michigan Laws 450.4102
  • 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, limited liability company, trust, custodian, estate, association, corporation, nonprofit corporation, governmental entity, or any other legal entity. See Michigan Laws 450.4102
  • Person: means an individual, partnership, corporation, cooperative, association, joint venture, or other legal entity including, but not limited to, contractual relationships. See Michigan Laws 287.703
  • Quarantine: means enforced isolation of an animal or group of animals or restriction of movement of an animal or group of animals, equipment, feed and food products, or vehicles to or from any structure, premises, or area of this state, including the entirety of this state, determined by the director. See Michigan Laws 287.703
  • Reportable animal disease: means an animal disease on the current reportable animal disease list maintained by the state veterinarian that poses a serious threat to the animal industry, public health, or animal health. See Michigan Laws 287.703
  • 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
  • Sow: means a female swine that has farrowed or given birth to or aborted 1 litter or more. See Michigan Laws 287.703
  • 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
  • Swine: means any of the ungulate mammals of the family suidae. See Michigan Laws 287.703
  • Toxicological disease: means any condition caused by or related to a toxic substance. See Michigan Laws 287.703
  • United States: shall be construed to include the district and territories. See Michigan Laws 8.3o
  • Vote: means an affirmative vote, approval, or consent. See Michigan Laws 450.4102