Michigan Laws 460.32 – Definitions
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Terms Used In Michigan Laws 460.32
- board: means the group of members democratically elected by the members of a cooperative electric utility to manage the business and affairs of the cooperative electric utility. See Michigan Laws 460.32
- Commission: means the Michigan public service commission. See Michigan Laws 460.32
- cooperative electric utility: means an electric utility organized as a cooperative corporation under section 98 to 109 of 1931 PA 327, MCL 450. See Michigan Laws 460.32
- 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.
- Electric utility: means a person, partnership, corporation, association, or other legal entity whose transmission or distribution of electricity the commission regulates under 1909 PA 106, MCL 460. See Michigan Laws 460.32
- Member: means a person, partnership, corporation, association, or other legal entity that purchases electricity from a cooperative electric utility as a member of the cooperative. See Michigan Laws 460.32
- 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.
- person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
As used in this act:
(a) “Board of directors” or “board” means the group of members democratically elected by the members of a cooperative electric utility to manage the business and affairs of the cooperative electric utility.
(b) “Commission” means the Michigan public service commission.
(c) “Cooperative” or “cooperative electric utility” means an electric utility organized as a cooperative corporation under section 98 to 109 of 1931 PA 327, MCL 450.98 to 450.109, serving primarily members of the cooperative electric utility.
(d) “Electric utility” means a person, partnership, corporation, association, or other legal entity whose transmission or distribution of electricity the commission regulates under 1909 PA 106, MCL 460.551 to 460.559, or 1939 PA 3, MCL 460.1 to 460.10cc. Electric utility does not include a municipal utility, affiliated transmission company, or independent transmission company.
(e) “Member” means a person, partnership, corporation, association, or other legal entity that purchases electricity from a cooperative electric utility as a member of the cooperative.
(f) “Member-regulation” means the board of directors of the cooperative is charged with establishing, maintaining, and applying all rates, charges, accounting standards, billing practices, and terms and conditions of service.