Terms Used In Michigan Laws 129.16

  • 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.
  • Local public entity: means a county, city, village, township, school district, district, authority, municipal corporation, or any other political subdivision organized under the laws of this state. See Michigan Laws 129.16
  • 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
  • United States: shall be construed to include the district and territories. See Michigan Laws 8.3o
  As used in this act:
  (a) “Deposit” includes the purchase of or investment in shares of a credit union.
  (b) “Financial institution” means a state or nationally chartered bank or a state or federally chartered savings and loan association, savings bank, or credit union whose deposits are insured by an agency of the United States government.
  (c) “Governing body” means a council, commission, board, or other official body that has legislative powers over a local public entity.
  (d) “Local public entity” means a county, city, village, township, school district, district, authority, municipal corporation, or any other political subdivision organized under the laws of this state.