Michigan Laws > Chapter 500 > Act 218 of 1956 > Chapter 52 – Corporate Powers, Procedures of Stock and Mutual Insurers
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Terms Used In Michigan Laws > Chapter 500 > Act 218 of 1956 > Chapter 52 - Corporate Powers, Procedures of Stock and Mutual Insurers
- Academic credential: means a degree or a diploma, transcript, educational or completion certificate, or similar document that indicates completion of a program of study or instruction or completion of 1 or more courses at an institution of higher education or the grant of an associate, bachelor, master, or doctoral degree. See Michigan Laws 390.1602
- Account owner: means any of the following:
(i) The individual who enters into a Michigan education savings program agreement and establishes an education savings account. See Michigan Laws 390.1472Administrator: means that term as defined in section 105 of the nonprofit act, MCL 450. See Michigan Laws 390.1572 Advance tuition payment contract: means a contract entered into by the trust and a purchaser pursuant to section 6 to provide for the higher education of a qualified beneficiary. See Michigan Laws 390.1424 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. Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths. 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 Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account. Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC Board: means the board of directors of the Michigan education trust described in section 10. See Michigan Laws 390.1424 Board: means the board of directors of the Michigan education trust described in section 10 of the Michigan education trust act, 1986 PA 316, MCL 390. See Michigan Laws 390.1472 College or university: means a degree or certificate granting public or private college or university, junior college, or community college located in this state. See Michigan Laws 390.1542 Commercial information: means information regarding the purchase and sale of goods and services, including, but not limited to, information regarding marketing strategy, production data, assessments of goods and services, mineral exploration records, and compilations of data regarding commercial activity. See Michigan Laws 390.1552 Commissioner: means the director. See Michigan Laws 500.102 Community college: means a community college organized under the community college act of 1966, 1966 PA 331, MCL 389. See Michigan Laws 390.1572 Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant. Continuance: Putting off of a hearing ot trial until a later time. 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. Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries. Department: means the department of treasury. See Michigan Laws 390.1472 Department: means the department of education. See Michigan Laws 390.1501 Department: means the department of insurance and financial services. See Michigan Laws 500.102 Department: means the department of community health. See Michigan Laws 390.1592 Designated beneficiary: means the individual designated as the individual whose higher education expenses are expected to be paid from the account. See Michigan Laws 390.1472 Director: means , unless the context clearly implies a different meaning, the director of the department. See Michigan Laws 500.102 Director: means the director of the department of career development or his or her designee. See Michigan Laws 390.1572 education savings account: means an account established under this act. See Michigan Laws 390.1472 Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC Eligible educational institution: means that term as defined in section 529 of the internal revenue code or a college, university, community college, or junior college described in section 4, 5, or 6 of article VIII of the state constitution of 1963 or established under section 7 of article VIII of the state constitution of 1963. See Michigan Laws 390.1472 Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts 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. Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller. Fiduciary: A trustee, executor, or administrator. Financial information: means information regarding finances, including, but not limited to, assets, income, liabilities, net worth, bank balances, financial history or activities, or creditworthiness. See Michigan Laws 390.1552 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. Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. Source: OCC Fund: means the pregnant and parenting student services fund created in section 3. See Michigan Laws 390.1592 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. Health maintenance organization: means that term as defined in section 3501. See Michigan Laws 500.106 Immediate family: means the student athlete's spouse, child, parent, stepparent, grandparent, grandchild, brother, sister, parent-in-law, brother-in-law, sister-in-law, nephew, niece, aunt, uncle, first cousin, or the spouse or guardian of any of the persons described in this subdivision. See Michigan Laws 390.1501 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 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 Institution of higher education: means a public or private college or university in this state. See Michigan Laws 390.1501 Institution of higher education: means a degree or certificate granting public or private college or university, junior college, or community college in this state. See Michigan Laws 390.1592 Insurer: means an individual, corporation, association, partnership, reciprocal exchange, inter-insurer, Lloyds organization, fraternal benefit society, or other legal entity, engaged or attempting to engage in the business of making insurance or surety contracts. See Michigan Laws 500.106 Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes. Intellectual property: means all original data, findings, or other products of the mind or intellect commonly associated with claims, interests, and rights that are protected under trade secret, patent, trademark, copyright, or unfair competition law. See Michigan Laws 390.1552 Internal revenue code: means the United States internal revenue code of 1986 in effect on January 1, 2002 or at the option of the taxpayer, in effect for the current year. See Michigan Laws 390.1472 Investment: means the utilization of money or other assets in the expectation of future returns in the form of income or capital gain. See Michigan Laws 390.1552 Investment fiduciary: means a person who exercises any discretionary authority or control over an investment of a public university or college or renders investment advice for a public university or college for a fee or other direct or indirect compensation. See Michigan Laws 390.1552 Investment information: means information that has not been publicly disseminated or that is unavailable from other sources, the release of which might cause a portfolio company or an investment fiduciary significant competitive harm. See Michigan Laws 390.1552 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 Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants. Majority leader: see Floor Leaders Management contract: means the contract executed between the treasurer and a program manager. See Michigan Laws 390.1472 Member of the family: means a family member as defined in section 529 of the internal revenue code. See Michigan Laws 390.1472 Michigan education savings program agreement: means the agreement between the program and an account owner that establishes an education savings account. See Michigan Laws 390.1472 month: means a calendar month; the word "year" a calendar year; and the word "year" alone shall be equivalent to the words "year of our Lord". See Michigan Laws 8.3j Mortgage: The written agreement pledging property to a creditor as collateral for a loan. 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 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. Nonprofit act: means the nonprofit corporation act, 1982 PA 162, MCL 450. See Michigan Laws 390.1572 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. Office: means a pregnant and parenting student services office established and operated by an institution of higher education and described in section 5. See Michigan Laws 390.1592 Oversight: Committee review of the activities of a Federal agency or program. 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 Personal property: All property that is not real property. plans: means a plan that provides different investment strategies and allows account distributions for qualified higher education expenses. See Michigan Laws 390.1472 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. Portfolio company: means an entity in which an investment fiduciary has made or considered an investment on behalf of a public university or college. See Michigan Laws 390.1552 Probable cause: A reasonable ground for belief that the offender violated a specific law. Program: means the Michigan education savings program established pursuant to this act. See Michigan Laws 390.1472 Program manager: means an entity selected by the treasurer to act as a manager of 1 or more of the savings plans offered under the program. See Michigan Laws 390.1472 Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government. Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide. Public school: means a local school district, a local act school district, a public school academy, a university school, or an intermediate school district established under the revised school code, 1976 PA 451, MCL 380. See Michigan Laws 390.1572 Public university or college: means a university, college, or community college established under section 5, 6, or 7 of article VIII of the state constitution of 1963. See Michigan Laws 390.1552 Purchaser: means a person who makes or is obligated to make advance tuition payments pursuant to an advance tuition payment contract. See Michigan Laws 390.1424 Qualified higher education expenses: means qualified higher education expenses as defined in section 529 of the internal revenue code. See Michigan Laws 390.1472 Qualified institution: means any of the following:
(i) An institution of higher education, as that term is defined in 20 USC 1001, located in the United States. See Michigan Laws 390.1602Qualified withdrawal: means a distribution that is not subject to a penalty or an excise tax under section 529 of the internal revenue code, a penalty under this act, or taxation under the income tax act of 1967, 1967 PA 281, MCL 206. See Michigan Laws 390.1472 Quorum: The number of legislators that must be present to do business. Rate: means the cost of insurance per payroll before adjustment for an individual insured's size, exposure, or loss experience. See Michigan Laws 500.2402 Record: means all or part of a writing, as that term is defined in section 2 of the freedom of information act, 1976 PA 442, MCL 15. See Michigan Laws 390.1552 Registered distance learning corporation: means a distance learning corporation incorporated under the nonprofit act and registered under this act. See Michigan Laws 390.1572 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. seal: shall be construed to include any of the following:
(a) The impression of the seal on the paper alone. See Michigan Laws 8.3nService academy: means the United States military academy, United States naval academy, United States air force academy, United States coast guard academy, or United States merchant marine academy. See Michigan Laws 390.1472 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 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 institution of higher education: means a college or university described in section 4, 5, or 6 of article VIII of the state constitution of 1963 or any 4-year degree-granting institution established by the state after the effective date of this act, which institution is designated by the state as a state institution of higher education for purposes of this act. See Michigan Laws 390.1424 Statute: A law passed by a legislature. Student athlete: means a person who engages in, is eligible to engage in, or may be eligible to engage in any intercollegiate sporting event, contest, exhibition, or program. See Michigan Laws 390.1501 Textbook: includes a text published in electronic media that is used for instructional purposes. See Michigan Laws 390.1542 Trade secret: means information consisting of a valuable unpatented formula, pattern, device, or process, or other information that is used in a business and gives the possessor of the information a competitive advantage over those who do not know or use the information, and for which sufficient measures have been taken to guard the secrecy of the information and preserve its confidentiality, and that does not encompass information that is readily ascertainable by competitors or the general public without undue difficulty or hardship. See Michigan Laws 390.1552 Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition. Treasurer: means the state treasurer. See Michigan Laws 390.1472 Trust: means the Michigan education trust created in section 5. See Michigan Laws 390.1424 Trustee: A person or institution holding and administering property in trust. Tuition: means the quarter or semester charges imposed to attend a state institution of higher education and all mandatory fees required as a condition of enrollment as determined by the board. See Michigan Laws 390.1424 United States: shall be construed to include the district and territories. See Michigan Laws 8.3o