Michigan Laws > Chapter 450 > Act 152 of 1985 – The Employee-Owned Corporation Act
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Terms Used In Michigan Laws > Chapter 450 > Act 152 of 1985 - The Employee-Owned Corporation Act
- Arrest: Taking physical custody of a person by lawful authority.
- Closing: means the permanent shutting down of operations at any establishment at which at least 25 persons are employed. See Michigan Laws 450.732
- Continuance: Putting off of a hearing ot trial until a later time.
- Conviction: A judgement of guilt against a criminal defendant.
- 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.
- Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
- Department: means the department of labor. See Michigan Laws 450.732
- Employee-owned corporation: means a business operation that is controlled by, and designed to maintain control by, its employees, and in which control is distributed among its employees according to a democratic formula, if the business operation is 1 of the following:
(i) A business operation the management rights of which are represented by voting stock that may be owned only by: employees of the operation, a nonprofit community development corporation, or an employee-owned stock ownership plan in which not less than 50% of the employees participate in each portion of the plan. See Michigan Laws 450.732Establishment: 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 Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other. felony: when used in this act, shall be construed to mean an offense for which the offender, on conviction may be punished by death, or by imprisonment in state prison. See Michigan Laws 750.7 Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value. Impeachment: (1) The process of calling something into question, as in "impeaching the testimony of a witness." (2) The constitutional process whereby the House of Representatives may "impeach" (accuse of misconduct) high officers of the federal government for trial in the Senate. industrial cooperative: means an establishment in which the owners or members all work in the establishment and are the only persons who work in the establishment. See Michigan Laws 450.732 person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l Personal property: All property that is not real property. Relocation: means the transfer of a part of a corporation's operation from 1 establishment to another existing or proposed establishment located at a distance from the first establishment which results in at least a 25-person reduction in the number of employees at the first establishment, but does not include a transfer from an establishment in 1 part of a political subdivision to an establishment in another part of the same political subdivision. See Michigan Laws 450.732 Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims. 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 Statute: A law passed by a legislature. Subpoena: A command to a witness to appear and give testimony. Testify: Answer questions in court. Testimony: Evidence presented orally by witnesses during trials or before grand juries.