Michigan Laws 125.2061 – Definitions
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As used in this chapter:
(a) “MESBIC” means a small business investment company licensed under section 301(d) of the small business investment act of 1958, 15 U.S.C. § 681(d).
Terms Used In Michigan Laws 125.2061
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Minority: means a person who is black, hispanic, oriental, eskimo, or an American Indian. See Michigan Laws 125.2061
- 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, sole proprietorship, partnership, limited partnership, limited liability partnership, limited liability company, joint venture, profit or nonprofit corporation including a public or private college or university, public utility, municipality, local industrial development corporation, economic development corporation, other association of persons organized for agricultural, commercial, or industrial purposes, a lender, or any other entity approved by the board. See Michigan Laws 125.2004
(b) “Minority” means a person who is black, hispanic, oriental, eskimo, or an American Indian.
(c) “Minority owned business” means a business which is at least 50% owned, controlled, and managed by minorities.
(d) “Minority venture capital company” means a business which makes investments solely in minority owned businesses.
(e) “Venture capital investment” means any of the following investments in a business:
(i) Common or preferred stock and equity securities without a repurchase requirement for at least 5 years.
(ii) A right to purchase stock or equity securities.
(iii) Any debenture or loan, whether or not convertible or having stock purchase rights, which are subordinated, together with security interests against the assets of the borrower, by their terms to all borrowings of the borrower from other institutional lenders, and that is for a term of not less than 3 years, and that has no part amortized during the first 3 years.
(iv) General or limited partnership interests.