As used in this act:

  (a) “Assets” means all or part of the following that are associated with the institute and are subject to conveyance under this act:

  (i) Real property, including all rights to coal, oil, gas, and other materials, and all rights to sand, gravel, clay, and other nonmetallic minerals, found on, within, or under real property conveyed under this act, except that the agreement for the conveyance of the assets and liabilities of the institute entered into under this act shall specify that the state shall receive not less than 1/2 of the net royalties from the development, if any, of coal, oil, gas, or other minerals on or under the real estate.

  (ii) Personal property.

  (iii) Intangible property.

  (iv) Product inventory, including, but not limited to, manufactured products that have been released by the federal food and drug administration for public sale and use, manufactured products that have not been released by the federal food and drug administration for public sale and use, and products that are in the process of being manufactured and components of those products.

  (b) “Chair” means the chair of the commission.

  (c) “Commission” means the Michigan biologic products commission established by Executive Order 1995-25, pursuant to section 4 of article V of the state constitution of 1963, and by section 3b.

  (d) “Conveyance” means sale, transfer, assignment, or other disposition.

  (e) “Institute” means the Michigan biologic products institute established by Executive Order 1995-25, pursuant to section 4 of article V of the state constitution of 1963, and by section 3a.

  (f) “Local health department” means that term as defined in section 1105 of the public health code, MCL 333.1105.

  (g) “Pharmaceutical products fund” means the pharmaceutical products fund established under section 9112 of the public health code, MCL 333.9112.

  (h) “Public health code” means 1978 PA 368, MCL 333.1101 to 333.25211.

  (i) “Real property” means all or a portion of the real property associated with the institute, more particularly described as follows:

  (i) A parcel of land in the NE 1/4 of section 5, T4N, R2W, Ingham County, Michigan and more particularly described as commencing at the northeast corner of said section 5; thence N89°59’49″W 124.94 feet, on the north line of said section 5; thence S00°00’11″W 33.00 feet, to the point of beginning of this description; thence S33°12’59″W 315.33 feet; thence N53°08’14″W 101.37 feet; thence S89°11’38″W 47.55 feet; thence S00°42’03″W 63.21 feet; thence S89°45’02″W 73.97 feet; thence S00°59’58″W 106.92 feet; thence 132.16 feet, on the arc of a curve to the right with a central angle of 33°53’13”, a radius of 223.46 feet, and a long chord bearing and distance of S22°22’16″W 130.25 feet; thence S59°26’51″W 14.65 feet; thence S77 °08’54″W 92.93 feet; thence S88°34’58″W 131.49 feet; thence S01°57’43″E 41.46 feet; thence S88°02’17″W 153.47 feet; thence S01°57’43″E 132.00 feet; thence S88°02’17″W 351.61 feet; to the easterly right of way line of Logan Street; thence N00°28’13″E 716.63 feet, to the southerly right of way line of Sheridan Road; thence S89°59’49″E 1155.21 feet, on said right of way to the point of beginning, containing 12.56 acres, more or less.

  (ii) A parcel of land in the SE 1/4 of Section 32, T5N, R2W, Clinton County, Michigan and more particularly described as beginning at the S 1/4 corner of said section 32; thence N00°12’30″W 2152.16 feet on the N-S 1/4 line of said section 32; thence S89°57’16″E 683.94 feet to the westerly Right-of-Way of DeWitt Road at a point 500.00 feet southerly of the E-W 1/4 line of said section 32; thence on the westerly Right-of-Way of DeWitt Road for the next five calls; thence S04°03’50″E 112.68 feet; thence 299.44 feet on the arc of a curve to the left with a central angle of 23°26’19”, a radius of 731.99 feet and long chord bearing and distance of S15°47’00″E 297.36 feet; thence S27°30’10″E 927.69 feet; thence 356.62 feet on the arc of a curve to the right with a central angle of 27°41’37”, a radius of 737.82 feet and a long chord bearing and distance of S13°39’21″E 353.16 feet; thence S00°11’27″W 30.40 feet; thence S88°07’13″W 171.96 feet; thence S17°13’15″W 128.78 feet; thence S02°36’04″W 161.34 feet; thence N89°52’39″W 420.93 feet; thence S00°06’07″E 267.69 feet to the south line of said section 32, thence N89°59’49″W 632.45 feet on the south line of said section 32 to the N 1/4 corner of section 5, T4N, R2W; thence S89°27’29″W 6.45 feet on the south line of said section 32 to the point of beginning, containing 46.94 acres, more or less.

  (j) “State administrative board” means the state administrative board created under 1921 PA 2, MCL 17.1 to 17.3.