Michigan Laws 432.226 – Ownership and disclosure threshold
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 432.226
- Board: means the Michigan gaming control board created under section 4. See Michigan Laws 432.202
- Company: means a sole proprietorship, corporation, partnership, limited liability partnership, limited liability company, trust, association, joint stock company, joint venture, tribal corporation, or other form of business organization. See Michigan Laws 432.202
- Person: means an individual, corporation, limited liability company, association, partnership, limited liability partnership, trust, or other legal entity. See Michigan Laws 432.202
For purposes of sections 5, 6, and 7a, the ownership and disclosure threshold as to any company whose stock is widely held, publicly traded, and regulated by the securities and exchange commission shall be beneficial ownership of more than a 5% interest in the company, provided, however, the board shall have the authority, by rule or order, to establish a reporting threshold below 5% if the company knew or should have known the identity of the person holding the interest below 5%.