Michigan Laws 400.755 – Issuance of coupons without contract; duration of contract with distributor; coupons distributed before effective date of act
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(1) Except as provided in subsection (3) or section 8(2), an individual, partnership, corporation, association, or political subdivision of this state shall not issue coupons to recipients without being awarded a contract under this act.
(2) As determined by the department of management and budget, a contract with a distributor shall be for a period of at least 1 year except as provided in this subsection. No contract shall exceed a period of 5 years. A contract with a distributor may be for a period of less than 1 year if it is awarded during a state fiscal year for a period which ends on the last day of the state fiscal year.
Terms Used In Michigan Laws 400.755
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- 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.
- 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
(3) The family independence agency may allow an individual, partnership, corporation, or association that issued coupons in a distribution area before the effective date of this act to continue to issue coupons until a distributor is selected for the distribution area and begins issuing coupons.