Michigan Laws > Chapter 500 > Act 218 of 1956 > Chapter 82 – Transformation of Fraternal Benefit Societies
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Terms Used In Michigan Laws > Chapter 500 > Act 218 of 1956 > Chapter 82 - Transformation of Fraternal Benefit Societies
- 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.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Commissioner: means the director. See Michigan Laws 500.102
- 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.
- Council: means the Michigan council for arts and cultural affairs established by Executive Order No. See Michigan Laws 399.702
- Department: means the department of insurance and financial services. See Michigan Laws 500.102
- Department: means the department of history, arts, and libraries created in section 3. See Michigan Laws 399.702
- Director: means the director of the department. See Michigan Laws 399.702
- 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.
- 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.
- Fund: means the Michigan council for the arts fund created in section 9. See Michigan Laws 399.702
- 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
- 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
- Lender: means a person whose name appears on the records of the museum as the person legally entitled to property on loan to a museum, or a person the museum knows to be legally entitled to property on loan to a museum, or a person who establishes his or her legal entitlement to that property. See Michigan Laws 399.602
- Lien: A claim against real or personal property in satisfaction of a debt.
- Loan: means a deposit of property that is not accompanied by a transfer of title to the property. See Michigan Laws 399.602
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Museum: means an institution generally known as a museum, archives, or library located in this state that is or does each of the following:
(i) Established primarily for artistic, educational, scientific, historic, or preservation purposes. See Michigan Laws 399.602Obligation: 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: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l Property: means an animate or inanimate object in a museum's possession or under a museum's care because of that object's artistic, educational, scientific, historic, or cultural value. See Michigan Laws 399.602 Rate: means the cost of insurance per payroll before adjustment for an individual insured's size, exposure, or loss experience. See Michigan Laws 500.2402 Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. 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. 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 Testimony: Evidence presented orally by witnesses during trials or before grand juries. Undocumented property: means property in the possession of a museum, the owner or lender of which the museum has no reasonable means of identifying. See Michigan Laws 399.602