Michigan Laws 450.733 – Program to assist in developing employee-owned corporations; establishment; operation; duty of department
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 450.733
- Closing: means the permanent shutting down of operations at any establishment at which at least 25 persons are employed. See Michigan Laws 450.732
- 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 labor. See Michigan Laws 450.732
- Establishment: includes a factory, plant, office, or other facility, but does not include a construction site or other work place that was intended to be a temporary work place. See Michigan Laws 450.732
- 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
The department, in cooperation with the department of commerce, shall establish a program to assist in developing employee-owned corporations. The program may operate when an establishment is closing or transferring operations resulting in a loss of jobs and when a request for assistance is made by an affected individual or group of individuals. When such a request is made, it shall be held in confidence by the department. The program also shall operate when workers of an existing or new establishment wish to develop an employee-owned corporation and request assistance. The department shall inform local government, business organizations, labor organizations, and others in the state of the availability of this program and services authorized by this act.