(1) An employee of the institute or a group composed in whole or in part of employees of the institute may bid on or make a proposal to acquire the assets and enter into 1 or more agreements related to the conveyance of all or a portion of the assets to the employee or group.
  (2) When acting with the knowledge or upon the direction of the commission or in entering into an agreement to accept employment with a potential acquirer of the assets, an employee of the institute shall not be considered to have violated Act No. 196 of the Public Acts of 1973, being section 15.341 to 15.348 of the Michigan Compiled Laws, if the employee provided written notice to the commission of the proposed employment agreement and the terms of that agreement before its execution.

Terms Used In Michigan Laws 333.26337

  • Assets: means all or part of the following that are associated with the institute and are subject to conveyance under this act:
  (i) Real property, including all rights to coal, oil, gas, and other materials, and all rights to sand, gravel, clay, and other nonmetallic minerals, found on, within, or under real property conveyed under this act, except that the agreement for the conveyance of the assets and liabilities of the institute entered into under this act shall specify that the state shall receive not less than 1/2 of the net royalties from the development, if any, of coal, oil, gas, or other minerals on or under the real estate. See Michigan Laws 333.26333
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Commission: means the Michigan biologic products commission established by Executive Order 1995-25, pursuant to section 4 of article V of the state constitution of 1963, and by section 3b. See Michigan Laws 333.26333
  • Conveyance: means sale, transfer, assignment, or other disposition. See Michigan Laws 333.26333
  • Institute: means the Michigan biologic products institute established by Executive Order 1995-25, pursuant to section 4 of article V of the state constitution of 1963, and by section 3a. See Michigan Laws 333.26333
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