A control person who is subject to an order issued under section 18a and who meets all of the following requirements is not in violation of the order:
  (a) The control person shall not in any manner, directly or indirectly, participate in the control of a licensee or registrant after the date the order is issued.

Terms Used In Michigan Laws 445.1668e

  • Control person: means a director or executive officer of a licensee or registrant or an individual who has the authority to participate in the direction, directly or indirectly through 1 or more other persons, of the management or policies of a licensee or registrant. See Michigan Laws 445.1651a
  • Licensee: means a person licensed or required to be licensed under this act. See Michigan Laws 445.1651a
  • Person: means an individual, corporation, limited liability company, partnership, association, governmental entity, or any other legal entity. See Michigan Laws 445.1651a
  • Registrant: means a person that is registered under section 6 or required to register under section 6. See Michigan Laws 445.1651a
  (b) The control person shall within 6 months after the date the order is final transfer any interest the control person owns in a licensee or registrant to an unrelated third party.
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