Michigan Laws 460.806 – Definitions; P to R
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 460.806
- 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.
- 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
- 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
(1) “Person” means an individual, corporation, association, partnership, governmental entity, or any other legal entity.
(2) “Power utility” means any person engaged or that may engage, inside or outside the state, in generating, transmitting, or distributing or furnishing electricity.
(3) “Power utility bond” means electric utility bonds, notes, or other evidences of indebtedness of a municipality, including refunding bonds issued to underwrite projects authorized by this act.
(4) “Revenues” means all fees, charges, moneys, profits, payment of principal of, or interest on, municipal or power utility bonds, or other gifts, grants, contributions and appropriations.