Michigan Laws > Chapter 487 > Act 354 of 1996 > Chapter 3 – Corporate Structure
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Terms Used In Michigan Laws > Chapter 487 > Act 354 of 1996 > Chapter 3 - Corporate Structure
- Active business operations: means all business operations that are not inactive business operations. See Michigan Laws 129.292
- Agent: means an agent or attorney in fact acting under a written power of attorney and within the scope of his, her, or its authority. See Michigan Laws 700.2901
- 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.
- Animals: means cattle, horses, sheep, or swine. See Michigan Laws 322.581
- 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
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- Application: means a written request to the probate register for an order of informal probate or informal appointment under part 3 of article III. See Michigan Laws 700.1103
- Appraisal: A determination of property value.
- Articles: means articles of incorporation, all amendments to articles of incorporation, and agreements of consolidation and merger. See Michigan Laws 487.3102
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Association: means a federal savings association organized under section 5 of the home owners' loan act, chapter 64, 48 Stat. See Michigan Laws 487.3102
- Authority: means the Michigan tobacco settlement finance authority created under section 4. See Michigan Laws 129.263
- Authorized individual: means an individual who by section 2959 or by the laws of the United States, including members of the diplomatic and consular service of the United States designated by foreign service regulations, is empowered to supervise the execution of international wills. See Michigan Laws 700.2951
- Bank: means a state banking corporation organized or reorganized under the provisions of the banking code of 1999, 1999 PA 276, MCL 487. See Michigan Laws 487.3102
- Bank holding company: means a stock or mutual company as defined in the bank holding company act of 1956, chapter 240, 70 Stat. See Michigan Laws 487.3102
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Benefited parties: means persons, firms, or corporations that enter into ancillary facilities with the authority according to the provisions of this act. See Michigan Laws 129.263
- Bond: means a bond, note, or other obligation issued by the authority under this act. See Michigan Laws 129.263
- Branch: means a place of business, other than the principal office of a savings bank, at which the savings bank transacts business that may be conducted at its principal office. See Michigan Laws 487.3102
- Bureau: means the office of financial and insurance services in the department of consumer and industry services. See Michigan Laws 487.3102
- Business operations: means engaging in commerce in any form with a state sponsor of terror, including by acquiring, developing, maintaining, owning, selling, possessing, leasing, or operating equipment, facilities, personnel, products, services, personal property, real property, or any other apparatus of business or commerce. See Michigan Laws 129.292
- Capital: means the stated par value of issued and outstanding unimpaired common stock and the stated par value of issued and outstanding unimpaired preferred stock. See Michigan Laws 487.3102
- Claim: includes , but is not limited to, in respect to a decedent's or protected individual's estate, a liability of the decedent or protected individual, whether arising in contract, tort, or otherwise, and a liability of the estate that arises at or after the decedent's death or after a conservator's appointment, including funeral and burial expenses and costs and expenses of administration. See Michigan Laws 700.1103
- Code: means the United States internal revenue code of 1986, as amended, and any successor provision of law. See Michigan Laws 129.263
- Commissioner: means the commissioner of the office of financial and insurance services. See Michigan Laws 487.3102
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- Company: means any sole proprietorship, organization, association, corporation, partnership, joint venture, limited partnership, limited liability partnership, limited liability company, or other entity or business association, including all wholly owned subsidiaries, majority-owned subsidiaries, parent companies, or affiliates of those entities or business associations, that exists for profit-making purposes. See Michigan Laws 129.292
- Compliance review committee: means both of the following:
(i) One or more persons assigned by management or appointed by the board of directors or other governing body of a depository institution, or of a subsidiary of a depository institution, or of a service corporation or other service entity of a depository institution, for the purposes set forth in section 339. See Michigan Laws 487.3102Compliance review documents: means documents prepared in connection with a review or evaluation conducted by or for a compliance review committee. See Michigan Laws 487.3102 Conservator: means a person appointed by a court to manage a protected individual's estate. See Michigan Laws 700.1103 Consolidated organization: means an organization that results from a consolidation of consolidating organizations. See Michigan Laws 487.3102 Consolidated savings bank: means a savings bank that results from a consolidation between a savings bank and 1 or more banks, out-of-state banks, national banks, associations, or savings banks. See Michigan Laws 487.3102 Contract: A legal written agreement that becomes binding when signed. 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. Court: means the probate court or, when applicable, the family division of circuit court. See Michigan Laws 700.1103 Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries. Decedent: A deceased person. Deed: The legal instrument used to transfer title in real property from one person to another. Department: means the department of natural resources and environment. See Michigan Laws 322.581 Depository institution: means a bank, out-of-state bank, national bank, association, savings bank, cooperative bank, industrial bank, or credit union organized under the laws of this state, another state, the District of Columbia, the United States, or a territory or protectorate of the United States. See Michigan Laws 487.3102 Director: means a director, trustee, or other person holding a similar position with respect to an organization whether incorporated or unincorporated. See Michigan Laws 487.3102 Director: means the director of the department of natural resources and environment. See Michigan Laws 322.581 Disclaimable interest: includes , but is not limited to, property, the right to receive or control property, and a power of appointment. See Michigan Laws 700.2901 Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial. Dividend reinvestment plan: means a plan that is offered solely to existing shareholders of the savings bank and which allows the shareholders to reinvest dividends received under section 316 in stock of the savings bank and that may allow additional cash amounts to be contributed by the shareholders participating in the reinvestment plan. See Michigan Laws 487.3102 Donee: The recipient of a gift. Escrow: Money given to a third party to be held for payment until certain conditions are met. Estate: includes the property of the decedent, trust, or other person whose affairs are subject to this act as the property is originally constituted and as it exists throughout administration. See Michigan Laws 700.1104 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. Executor: A male person named in a will to carry out the decedent Exempt property: means property of a decedent's estate that is described in section 2404. See Michigan Laws 700.1104 Family allowance: means the allowance prescribed in section 2403. See Michigan Laws 700.1104 Federal bankruptcy code: means the federal bankruptcy code, 11 USC 101 to 1330. See Michigan Laws 129.263 Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC Fiduciary: A trustee, executor, or administrator. Fiduciary: includes , but is not limited to, an agent, a conservator, a guardian if no conservator has been appointed, a guardian ad litem, a personal representative, a trustee, a probate court acting through a protective order under this act, and a temporary, successor, or foreign fiduciary. See Michigan Laws 700.2901 Fiduciary: means any of the following:
(i) The Michigan legislative retirement system board of trustees for the Tier 1 retirement plan available under the Michigan legislative retirement system act, 1957 PA 261, MCL 38. See Michigan Laws 129.292Fiduciary power: means a management power relating to the administration or management of assets similar to those powers granted to a personal representative in section 3715 and a trustee in section 7816 and 7817, and granted by law to a fiduciary or conferred upon a fiduciary in a governing instrument. See Michigan Laws 700.2901 Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006. Formal proceedings: means proceedings conducted before a judge with notice to interested persons. See Michigan Laws 700.1104 Governing instrument: means a deed, assignment, bill of sale, will, trust, beneficiary designation, contract, instrument creating or exercising a power of appointment or a power of attorney, or another instrument under which property devolves, a property right is created, or a contract right is created. See Michigan Laws 700.2901 grantee: may be construed as including every person to whom any such interest or estate passes in like manner. See Michigan Laws 8.3e Homestead allowance: means the allowance prescribed in section 2402. See Michigan Laws 700.1104 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 Inactive business operations: means the mere continued holding or renewal of rights to property previously operated for the purpose of generating revenues but not presently deployed for that purpose. See Michigan Laws 129.292 Incorporator: means a person who signed the original articles of incorporation. See Michigan Laws 487.3102 Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC Informal proceedings: means proceedings for probate of a will or appointment of a personal representative conducted by the probate register without notice to interested persons. See Michigan Laws 700.1105 International will: means a will executed in conformity with this part. See Michigan Laws 700.2951 Interrogatories: Written questions asked by one party of an opposing party, who must answer them in writing under oath; a discovery device in a lawsuit. Intestate: Dying without leaving a will. Investment: means 1 or more of the following:
(i) A commitment or contribution of funds or property. See Michigan Laws 129.312Iran: means any agency or instrumentality of Iran. See Michigan Laws 129.312 Iran linked business: means either of the following:
(i) A person engaging in investment activities in the energy sector of Iran, including a person that provides oil or liquefied natural gas tankers or products used to construct or maintain pipelines used to transport oil or liquefied natural gas for the energy sector of Iran. See Michigan Laws 129.312Joint property: means property that is owned by 2 or more persons with rights of survivorship, and includes a tenancy by the entireties in real property, a tenancy in personal property as provided in section 1 of 1927 PA 212, MCL 557. See Michigan Laws 700.2901 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. 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 Letters: includes , but is not limited to, letters testamentary, letters of guardianship, letters of administration, and letters of conservatorship. See Michigan Laws 700.1105 Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Master settlement agreement: means the settlement agreement and related documents entered into on November 23, 1998, and incorporated into a consent decree and final judgment entered into on December 7, 1998, in Kelley Ex Rel. See Michigan Laws 129.263 Member: means a person holding a savings account of a mutual savings bank. See Michigan Laws 487.3103 Minority leader: See Floor Leaders Mortgage: The written agreement pledging property to a creditor as collateral for a loan. Mutual savings bank: means a savings bank for which the articles of incorporation do not authorize the issuance of common or preferred stock. See Michigan Laws 487.3103 National bank: means a bank chartered by the federal government under the national bank act, chapter 106, 13 Stat. See Michigan Laws 487.3103 National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC Net income: means the remainder of all earnings from operations plus actual recoveries on loans and investments and other assets, after deducting from the total all operating expenses, actual losses, accrued dividends on preferred stock, if any, and all taxes. See Michigan Laws 487.3103 Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose. 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. Operating expenses: means the reasonable operating expenses of the authority, including without limitation the cost of preparation of accounting and other reports, costs of maintenance of the ratings on the bonds, insurance premiums, and costs of authority meetings or other required activities of the authority, counsel fees, including the fees of the attorney general, and fees and expenses incurred for consultants and fiduciaries and any other costs described in section 4(12). See Michigan Laws 129.263 Out-of-state bank: means a banking corporation or savings bank organized under the laws of another state, the District of Columbia, or a territory of the United States whose principal office is located in a state other than this state, the District of Columbia, a territory or a protectorate of the United States, and whose deposits are insured by the federal deposit insurance corporation. See Michigan Laws 487.3103 Outstanding: means , when used with respect to bonds, all bonds other than bonds that shall have been paid in full at maturity or that may be considered not outstanding under the applicable authority resolution, trust indenture or trust agreement authorizing the issuance of the bonds and when used with respect to ancillary facilities, all ancillary facilities other than ancillary facilities that have been paid in full or that may be considered not outstanding under such ancillary facilities. See Michigan Laws 129.263 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: means any of the following:
(i) An individual, corporation, company, limited liability company, business association, partnership, society, trust, or any other nongovernmental entity, organization, or group. See Michigan Laws 129.312Person: includes an entity and an individual, but does not include a fiduciary, an estate, or a trust. See Michigan Laws 700.2901 Person: means an individual, corporation, limited liability company, governmental entity, partnership, limited liability partnership, or other legal entity. See Michigan Laws 487.3103 Person: means an individual or an organization. See Michigan Laws 700.1106 person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l Person: means an individual, corporation, limited or general partnership, association, joint venture, limited liability company, or a governmental entity, including this state. See Michigan Laws 129.263 Personal property: All property that is not real property. Personal representative: includes , but is not limited to, an executor, administrator, successor personal representative, and special personal representative, and any other person, other than a trustee of a trust subject to article VII, who performs substantially the same function under the law governing that person's status. See Michigan Laws 700.1106 Petition: means a written request to the court for an order after notice. See Michigan Laws 700.1106 Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court. Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents. Probate: Proving a will Proceeding: includes an application and a petition, and may be an action at law or a suit in equity. See Michigan Laws 700.1106 Property: means anything that may be the subject of ownership. See Michigan Laws 700.2901 Property: means anything that may be the subject of ownership, and includes both real and personal property or an interest in real or personal property. See Michigan Laws 700.1106 Public entity: means this state or an agency or authority of this state, school district, community college district, intermediate school district, city, village, township, county, public authority, or public airport authority. See Michigan Laws 129.312 Qualifying statute: means that term as defined in the master settlement agreement, which is 1999 PA 244, MCL 445. See Michigan Laws 129.263 Quorum: The number of legislators that must be present to do business. Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. 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. Savings bank: means a state banking corporation organized or reorganized under this act. See Michigan Laws 487.3103 Scrutinized company: means , except for a company described in subdivision (i), and for a social development company or a company that only meets the criteria of this subdivision because an independently owned franchisee of that company is a scrutinized company, any company that has business operations that involve contracts with or provision of supplies or services to a state sponsor of terror; companies in which a state sponsor of terror has any direct or indirect equity share, consortiums, or projects commissioned by a state sponsor of terror; or companies involved in consortiums and projects commissioned by a state sponsor of terror and 1 or more of the following:
(i) More than 10% of the company's total revenues or assets are directly invested in or earned from or significantly contributed to a state sponsor of terror and the company has failed to take substantial action. See Michigan Laws 129.292seal: shall be construed to include any of the following:
(a) The impression of the seal on the paper alone. See Michigan Laws 8.3nSecurity: includes , but is not limited to, a note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in an oil, gas, or mining title or lease or in payments out of production under such a title or lease, collateral trust certificate, transferable share, voting trust certificate, or interest in a regulated investment company or other entity generally referred to as a mutual fund or, in general, an interest or instrument commonly known as a security, or a certificate of interest or participation for, a temporary or interim certificate, receipt, or certificate of deposit for, or any warrant or right to subscribe to or purchase any of the items listed in this subdivision. See Michigan Laws 700.1107 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. shall not apply: means that the pertinent provision is not operative as to certain persons or things or in conjunction with a particular date or dates. See Michigan Laws 8.4c Shareholder: means the registered owner of any share or shares of capital stock of a savings bank. See Michigan Laws 487.3103 Social development company: means a company licensed by the United States department of treasury pursuant to the federal trade sanction reform and export enhancement act of 2000, P. See Michigan Laws 129.292 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 State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or a territory or insular possession subject to the jurisdiction of the United States. See Michigan Laws 700.1107 State sponsor of terror: means , subject to section 10 as to applicability, any country determined by the United States Secretary of State to have repeatedly provided support for acts of international terrorism. See Michigan Laws 129.292 State treasurer: means the state treasurer of this state or his or her designee who shall be designated by a written instrument signed by the state treasurer and maintained in a permanent file and whose signature shall have the same force and effect as the signature of the state treasurer for all purposes under this act. See Michigan Laws 129.263 Statute: A law passed by a legislature. Stock savings bank: means a savings bank for which the articles of incorporation authorize the issuance of capital stock. See Michigan Laws 487.3103 Substantial action: means adopting, publicizing, and implementing a formal plan to cease scrutinized business operations within 1 year and to refrain from any new business operations. See Michigan Laws 129.292 Successor: means a person, other than a creditor, who is entitled to property of a decedent under the decedent's will or this act. See Michigan Laws 700.1107 Supervised administration: means the proceedings described in part 5 of article III. See Michigan Laws 700.1107 Surplus: means the amount paid for issued and outstanding common and preferred stock in excess of the stated par value, plus any amount of transferred undivided profits, and any additional amounts paid in or contributed to increase total capital. See Michigan Laws 487.3103 Survive: means that an individual neither predeceases an event, including the death of another individual, nor is considered to predecease an event under section 2104 or 2702. See Michigan Laws 700.1107 Testate: To die leaving a will. Testator: A male person who leaves a will at death. Testator: includes an individual of either gender. See Michigan Laws 700.1107 Testify: Answer questions in court. Testimony: Evidence presented orally by witnesses during trials or before grand juries. Total capital: means an amount equal to any capital, plus any surplus, undivided profits, and instruments of indebtedness authorized under section 310. See Michigan Laws 487.3103 Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence. Trust: means a fiduciary relationship with respect to property that subjects the person who holds title to the property to equitable duties to deal with the property for the benefit of another person, which fiduciary relationship arises as a result of a manifestation of an intention to create it. See Michigan Laws 700.2901 Trust: includes , but is not limited to, an express trust, private or charitable, with additions to the trust, wherever and however created. See Michigan Laws 700.1107 Trustee: A person or institution holding and administering property in trust. Trustee: includes an original, additional, or successor trustee, whether or not appointed or confirmed by the court. See Michigan Laws 700.1107 TSRs: means the portion, which may include any or all, of this state's tobacco receipts sold to the authority under this act and any sale agreement. See Michigan Laws 129.263 United States: shall be construed to include the district and territories. See Michigan Laws 8.3o Value: means the present worth of all rights to future benefits arising from ownership. See Michigan Laws 487.3103 Venue: The geographical location in which a case is tried.