Michigan Laws 338.481 – Ownership of pharmacy, drugstore, or apothecary shop; requirements; exceptions
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(1) A pharmacy, drugstore, or apothecary shop shall be owned by a pharmacist and a partnership or corporation shall not own a drugstore, pharmacy, or apothecary shop unless at least 25% of the interest in the partnership or the stock of the corporation is held by pharmacists. A corporation, organized and existing under the laws of this state, or another state, authorized to do business in this state and empowered by its charter to own and conduct a pharmacy, drugstore, or apothecary shop and which, at the time of passage of this act, owns and conducts a drugstore, pharmacy, or apothecary shop in this state may continue to own and conduct the drugstore, pharmacy, or apothecary shop and may establish and own additional pharmacies, drugstores, or apothecary shops pursuant to this act.
(2) A corporation which does not continue to own at least 1 pharmacy, drugstore, or apothecary shop theretofore owned by it, or ceases to be actively engaged in the practice of pharmacy in this state, shall not be permitted thereafter to own a drugstore, pharmacy, or apothecary shop.
Terms Used In Michigan Laws 338.481
- 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.
- Executor: A male person named in a will to carry out the decedent
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
- shall not apply: means that the pertinent provision is not operative as to certain persons or things or in conjunction with a particular date or dates. See Michigan Laws 8.4c
- 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
- Trustee: A person or institution holding and administering property in trust.
(3) A person who is not a pharmacist and who at the time of the passage of this act owns a pharmacy, drugstore, or apothecary shop in this state, may continue to own and conduct the pharmacy, drugstore, or apothecary shop pursuant to existing laws and rules.
(4) The administrator, executor, or trustee of the estate of a deceased owner of a pharmacy, drugstore, or apothecary shop, or the widow, heirs, or next of kin of the deceased owner, may continue to own and conduct the pharmacy, drugstore, or apothecary shop pursuant to existing laws and rules.
(5) This act shall not apply to hospitals licensed by the department of public health pursuant to Act No. 368 of the Public Acts of 1978, as amended, being section 333.1101 to 333.25211 of the Michigan Compiled Laws.
(6) This act shall not apply to a health maintenance organization licensed by the department of public health pursuant to Act No. 368 of the Public Acts of 1978, as amended.
(7) This act shall not apply to a pharmacy in an institution of higher education established by law having authority to grant a baccalaureate degree if the pharmacy is under the personal charge of a pharmacist.