Terms Used In Michigan Laws > Chapter 450 > R.S. of 1846 > Chapter 55 > CORPORATIONS

• Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
• Aeronautics: means any act or matter that treats or deals with flight in the airspace. See Michigan Laws 259.2
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• annual meeting: when applied to townships, mean the annual meeting required by law to be held on the Saturday immediately preceding the first Monday in April. See Michigan Laws 8.3d
• Authority: means the Michigan state housing development authority created in this act. See Michigan Laws 125.1411
• Commission: means the Michigan aeronautics commission. See Michigan Laws 259.3
• 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 state transportation department, bureau of aeronautics. See Michigan Laws 259.3
• Director: means the deputy director of the department, bureau of aeronautics who is the director of the Michigan aeronautics commission. See Michigan Laws 259.3
• Elderly: means a single person who is 55 years of age or older or a household in which at least 1 member is 55 years of age or older and all other members are 50 years of age or older. See Michigan Laws 125.1411
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Housing development: means a development that contains a significant element of housing for persons of low or moderate income and elements of other housing and commercial, recreational, industrial, communal, and educational facilities that the authority determines improve the quality of the development as it relates to housing for persons of low or moderate income. See Michigan Laws 125.1411
• in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Mobile home: means a structure, transportable in 1 or more sections, that is built on a chassis and is designed to be used as a dwelling with or without permanent foundation, when connected to the required utilities, and includes the plumbing, heating, air conditioning, and electrical systems contained in the structure. See Michigan Laws 125.1411
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Oath: A promise to tell the truth.
• oath: shall be construed to include the word "affirmation" in all cases where by law an affirmation may be substituted for an oath; and in like cases the word "sworn" shall be construed to include the word "affirmed". See Michigan Laws 8.3k
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Rehabilitation: means all or part of those repairs and improvements necessary to make residential real property safe, sanitary, or adequate. See Michigan Laws 125.1411
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Residential real property: means real property located in this state, used for residential purposes, and improved or to be improved by a residential structure. See Michigan Laws 125.1411
• seal: shall be construed to include any of the following: