Michigan Laws 447.202 – Definitions
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As used in this act:
(a) “Department” means the department of agriculture.
Terms Used In Michigan Laws 447.202
- 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.
- Department: means the department of agriculture. See Michigan Laws 447.202
- Director: means the director of the department of agriculture. See Michigan Laws 447.202
- 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.
- Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
(b) “Director” means the director of the department of agriculture.
(c) “Person” means an individual, corporation, association, partnership, governmental agency, or any other legal entity.
(d) “Qualifying financial institution” means a state or national chartered bank, a state or federal chartered credit union, a state or federal chartered savings and loan association, or savings bank, or an institution under the farm credit act of 1971, Public Law 92-181, 85 Stat. 583.