Michigan Laws 125.2067 – Independent program audit
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Terms Used In Michigan Laws 125.2067
- Fund: means the Michigan strategic fund created under section 5, except where the context clearly requires a different definition. See Michigan Laws 125.2004
- MESBIC: means a small business investment company licensed under section 301(d) of the small business investment act of 1958, 15 U. See Michigan Laws 125.2061
- Minority: means a person who is black, hispanic, oriental, eskimo, or an American Indian. See Michigan Laws 125.2061
- Minority venture capital company: means a business which makes investments solely in minority owned businesses. See Michigan Laws 125.2061
A certified minority venture capital company and a certified MESBIC shall have an independent program audit annually performed by a certified public accountant. The fund may visit and examine a certified minority venture capital company or a certified MESBIC and may delegate the authority to visit and examine to the commissioner of the financial institutions bureau.