§ 500.5901 Definitions
§ 500.5903 Conversion plan; vote to amend or withdraw; submission of documents to commissioner; time period for approval or disapproval; conditions; review by qualified expert; notice of meeting; vote; adoption;
§ 500.5904 Plan of conversion; prohibited conduct
§ 500.5905 Conversion plan; contents; provisions applicable to subscription rights
§ 500.5907 Conversion plan; provisions applicable to operation as closed block of business
§ 500.5909 Acquisition of capital stock of converted stock company or stock of participating corporation; limitations; prohibitions
§ 500.5911 Receipt of subscription rights by directors and officers of mutual company
§ 500.5913 Allocation of subscription rights to employee benefit plan
§ 500.5915 Adoption of plan not relying on issuance of subscription rights; alternative plan; retaining qualified expert; “eligible member” and “U.S. branch” defined
§ 500.5917 Effectiveness of plan; conditions
§ 500.5919 Notice of adoption of conversion plan; right of member to rescind or cancel policy
§ 500.5921 Conversion plan; continuation of corporate existence; transfer of rights, franchises, and interests; assumption of obligations and liabilities; service and election of directors and officers
§ 500.5923 Payment of fee, commission, or consideration to director, officer, agent, or employee; costs and expenses
§ 500.5925 Validity of actions
§ 500.5927 Petition to waive notice and approval requirements

Terms Used In Michigan Laws > Chapter 500 > Act 218 of 1956 > Chapter 59 - Conversion of Domestic Mutual Insurer to Domestic Stock Insurer

  • 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
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Center: means the center for educational performance and information created in section 94a of the school aid act of 1979, 1979 PA 94, MCL 388. See Michigan Laws 390.1703
  • Commissioner: means the director. See Michigan Laws 500.102
  • Contract: A legal written agreement that becomes binding when signed.
  • Converted stock company: means a Michigan domiciled stock insurance company that converted from a Michigan domiciled mutual company or a stock business corporation resulting from conversion of a mutual holding company pursuant to this chapter. See Michigan Laws 500.5901
  • 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.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Department: means the department of labor and economic opportunity. See Michigan Laws 390.1703
  • Department: means the department of labor and economic opportunity. See Michigan Laws 390.1713
  • Director: means , unless the context clearly implies a different meaning, the director of the department. See Michigan Laws 500.102
  • Eligible institution: means that term as defined in the Michigan reconnect grant act, 2020 PA 84, MCL 390. See Michigan Laws 390.1713
  • Eligible member: except as otherwise provided in section 5915, means a member whose policy is in force on the date the mutual company's board of directors adopts a plan of conversion. See Michigan Laws 500.5901
  • 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
  • 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
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Industry-recognized certificate or credential: means that term as defined in the Michigan reconnect grant act, 2020 PA 84, MCL 390. See Michigan Laws 390.1713
  • 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
  • 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.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Michigan reconnect grant: means a grant awarded under the Michigan reconnect grant program. See Michigan Laws 390.1713
  • Michigan reconnect grant program: means the grant program created under section 5 of the Michigan reconnect grant act, 2020 PA 84, MCL 390. See Michigan Laws 390.1713
  • Michigan reconnect grant student: means that term as defined in the Michigan reconnect grant act, 2020 PA 84, MCL 390. See Michigan Laws 390.1713
  • Pell-eligible program: means a program eligible for grant funding under 20 USC 1070a. See Michigan Laws 390.1713
  • person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
  • plan: means a plan adopted by a Michigan domestic mutual company's or mutual holding company's board of directors pursuant to this chapter to convert the mutual company into a Michigan domiciled stock company. See Michigan Laws 500.5901
  • postsecondary educational institution: means a public or private institution in this state that offers a degree or course of study beyond the twelfth grade and receives state or federal funding of any kind. See Michigan Laws 390.1731
  • Qualified occupational training program: means a career training program approved by the department that meets all of the following:
  (i) Provides not less than 150, and not more than 600, clock hours of instructional time over a period of not less than 8 weeks and not more than 15 weeks. See Michigan Laws 390.1713
  • 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
  • Statute: A law passed by a legislature.
  • United States: shall be construed to include the district and territories. See Michigan Laws 8.3o
  • Uphold: The decision of an appellate court not to reverse a lower court decision.