Michigan Laws 124.771 – Dissolution of authority
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 124.771
- Authority: means a land bank fast track authority created under section 15, section 23(4), or section 23(5). See Michigan Laws 124.753
- Authority board: means the board of directors of the state authority appointed under section 16. See Michigan Laws 124.753
- Fund: means the land bank fast track fund created in section 18. See Michigan Laws 124.753
- 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
- State authority: means the land bank fast track authority created under section 15. See Michigan Laws 124.753
If the state authority has completed the purposes for which it was organized, the authority board, by vote of at least 5 directors and with the written consent of the governor, may provide for the dissolution of the state authority and may provide for the transfer of any property held by the state authority to another authority or state agency. Upon the dissolution of the state authority, any remaining balance in the fund shall be transferred to the general fund of this state.