Michigan Laws > Chapter 123 > Act 226 of 1988 – Leasing of Private Residential Property


§ 123.411	“Local governmental unit” defined; rent control prohibited; management and control of residential property; incentive to increase supply of certain residential property

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.
Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}