450.1106 Definitions; C to E.
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450.1106 Definitions; C to E.
Sec. 106.
(1)"Corporation" or "domestic corporation" means a corporation formed under this act, or existing on January 1, 1973 and formed under any other statute of this state for a purpose for which a corporation may be formed under this act.
(2)"Department" means the department of licensing and regulatory affairs.
(3)"Director" means a member of the board of a corporation.
(4)"Distribution" means a direct or indirect transfer of money or other property, except the corporation's shares, or the incurrence of indebtedness by the corporation to or for the benefit of its shareholders in respect to the corporation's shares. A distribution may be in the form of a dividend, a purchase, redemption or other acquisition of shares, an issuance of indebtedness, or any other declaration or payment to or for the benefit of the shareholders.
(5)"Electronic transmission" or "electronically transmitted" means any form of communication that meets all of the following:
(a)It does not directly involve the physical transmission of paper.
(b)It creates a record that may be retained and retrieved by the recipient.
(c)It may be directly reproduced in paper form by the recipient through an automated process.
History: 1972, Act 284, Eff. Jan. 1, 1973 ;-- Am. 1973, Act 98, Imd. Eff. Aug. 8, 1973 ;-- Am. 1989, Act 121, Eff. Oct. 1, 1989 ;-- Am. 2001, Act 57 , Imd. Eff. July 23, 2001 ;-- Am. 2006, Act 68 , Imd. Eff. Mar. 20, 2006 ;-- Am. 2012, Act 569 , Imd. Eff. Jan. 2, 2013