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Code · Michigan · Chapter 487 — Financial Institutions

487.1105 Definitions; I to M.

346 words·~2 min read·/mi/chapter-487/487-1105

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487.1105 Definitions; I to M.
Sec. 105.
(1)"Incorporating statute" means the business corporation act, 1972 PA 284, MCL 450.1101 to 450.2098, the nonprofit corporation act, 1982 PA 162, MCL 450.2101 to 450.3192, or the Michigan limited liability company act, 1993 PA 23, MCL 450.4101 to 450.5200.
(2)"Insolvent" means a licensee that ceases to pay its debts in the ordinary course of business, that cannot pay its debts as they become due, or whose liabilities exceed its assets.
(3)"Interests of the licensee" includes the interests of shareholders of a licensee organized as a Michigan corporation and members of a licensee organized as a Michigan limited liability company.
(4)"License" means a license issued under this act authorizing a Michigan corporation or Michigan limited liability company to transact business as a BIDCO. The term includes a BIDCO license issued to a business development enterprise.
(5)"Licensee" means a Michigan corporation or Michigan limited liability company that holds a license under this act.
(6)"Manager" means a person designated by the members of a Michigan limited liability company to manage the limited liability company as provided in its articles of organization or an operating agreement.
(7)"Member" means a person that has an ownership interest in a BIDCO organized as a Michigan limited liability company.
(8)"Michigan corporation" means a corporation incorporated under the business corporation act, 1972 PA 284, MCL 450.1101 to 450.2098, or the nonprofit corporation act, 1982 PA 162, MCL 450.2101 to 450.3192.
(9)"Michigan limited liability company" means a limited liability company organized under the Michigan limited liability company act, 1993 PA 23, MCL 450.4101 to 450.5200.
(10)"Michigan nonprofit corporation" means a corporation incorporated under the nonprofit corporation act, 1982 PA 162, MCL 450.2101 to 450.3192.
(11)"Michigan strategic fund" means the Michigan strategic fund as described in the Michigan strategic fund act, 1984 PA 270, MCL 125.2001 to 125.2094.
History: 1986, Act 89, Imd. Eff. May 1, 1986 ;-- Am. 1997, Act 150 , Imd. Eff. Dec. 2, 1997 ;-- Am. 2012, Act 358 , Imd. Eff. Dec. 13, 2012
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