Michigan Laws 285.65 – Revocation of license; application for new license; events; notice of event
Current as of: 2023 | Check for updates
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(1) The department may revoke a grain dealer‘s license, but the grain dealer may apply for a new license, if any of the following events occur:
(a) The licensee is a party to a merger, consolidation, conversion, or similar transaction. The department may decide not to revoke the license if the successor to the licensee is licensed under this act and executes a successor’s agreement acceptable to the department.
Terms Used In Michigan Laws 285.65
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Department: means the department of agriculture. See Michigan Laws 285.62
- Grain dealer: means a person engaged in the business of receiving, buying, exchanging, selling, or storing farm produce in this state. See Michigan Laws 285.62
- License: means a license issued by the department to a grain dealer in the manner provided under this act. See Michigan Laws 285.62
- Licensee: means a grain dealer licensed under this act. See Michigan Laws 285.62
(b) Fifty percent or more of the shares, other than publicly traded shares, or other ownership interests in the licensee are sold, exchanged, or otherwise transferred. The department may decide not to revoke the license if the transferee is licensed under this act and executes a successor’s agreement acceptable to the department.
(c) Fifty percent or more of the property and assets of the licensee are sold, leased, exchanged, or otherwise transferred. The department may waive this requirement if the transferee is licensed under this act and executes a successor’s agreement acceptable to the department.
(d) The licensee ceases to pay its debts in the ordinary course of business, cannot pay its debts as they become due, or is insolvent under an applicable bankruptcy or insolvency law.
(e) If the grain dealer has 100 or more stockholders, members, partners, or owners, as applicable, more than 1/2 of the grain dealer’s board of directors or other governing body or board are replaced with different individuals.
(f) The name of the grain dealer is changed.
(2) If an event described in subsection (1) occurs, the grain dealer shall file a notice of the event with the department within 1 business day of the event.