Michigan Laws 333.26339 – Assets not conveyed; transfer to department of management and budget or other department; report
Current as of: 2023 | Check for updates
|
Other versions
(1) Except for the pharmaceutical products fund, any assets that have not been conveyed on or before the expiration of the life of the commission shall be transferred to the department of management and budget or any other state executive department, as the state administrative board may direct.
(2) Not less than 90 days after the conveyance of assets and liabilities is completed under this act, the state administrative board shall make a report in writing to the legislature of the terms of the conveyance.
Terms Used In Michigan Laws 333.26339
- 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 333.26333Assets: (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 in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Pharmaceutical products fund: means the pharmaceutical products fund established under section 9112 of the public health code, MCL 333. See Michigan Laws 333.26333 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 State administrative board: means the state administrative board created under 1921 PA 2, MCL 17. See Michigan Laws 333.26333