Michigan Laws 450.1777 – Definitions; C, D
Current as of: 2024 | Check for updates
|
Other versions
(1) “Common stock” means any stock other than preferred or preference stock.
(2) “Control”, “controlling”, “controlled by”, or “under common control with” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract, or otherwise. The beneficial ownership of 10% or more of the voting shares of a corporation shall create a presumption of control.
Terms Used In Michigan Laws 450.1777
- Contract: A legal written agreement that becomes binding when signed.
- 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.
(3) “Determination date” means the date on which an interested shareholder first became an interested shareholder.