Section 125.2231 – Short Title.

125.2231 Short title. Sec. 1. This act shall be known and may be cited as the “Michigan early stage venture investment act of 2003”. History: 2003, Act 296, Imd. Eff. Jan. 8, 2004

Section 125.2232 – Legislative Findings; Declaration.

125.2232 Legislative findings; declaration. Sec. 2. (1) The legislature finds all of the following: (a) There exists a need to promote the economic health of this state by assisting in the creation of new jobs, new businesses, and new industries within this state and through the investment in certain businesses that focus on areas including, […]

Section 125.2233 – Definitions.

125.2233 Definitions. Sec. 3. As used in this act: (a) “Alternative energy technology” means that term as defined in section 2(d) of the Michigan next energy authority act, 2002 PA 593, MCL 207.822. (b) “Board” means the Michigan early stage venture investment corporation board of directors. (c) “Conflict of interest” means a situation in which […]

Section 125.2235 – Incorporation as Nonprofit Corporation.

125.2235 Incorporation as nonprofit corporation. Sec. 5. (1) A Michigan early stage venture investment corporation is a nonprofit corporation incorporated under the nonprofit corporation act, 1982 PA 162, MCL 450.2101 to 450.3192, that meets the registration requirements of this act. (2) A Michigan early stage venture investment corporation shall be incorporated as a nonprofit corporation […]

Section 125.2237 – Articles of Incorporation; Contents.

125.2237 Articles of incorporation; contents. Sec. 7. The articles of incorporation of a Michigan early stage venture investment corporation shall contain all of the following: (a) The purposes of the corporation, which shall include, but are not limited to, all of the following: (i) To operate and act exclusively for charitable purposes with the intent […]

Section 125.2239 – Articles of Incorporation; Review and Certification by Attorney General; Exception.

125.2239 Articles of incorporation; review and certification by attorney general; exception. Sec. 9. (1) Prior to applying for registration as a Michigan early stage venture investment corporation under section 11, a nonprofit corporation shall submit its articles of incorporation and any amendments to those articles of incorporation to the attorney general for review and certification. […]

Section 125.2241 – Filing With State Treasurer; Exception.

125.2241 Filing with state treasurer; exception. Sec. 11. (1) To apply for registration as a Michigan early stage venture investment corporation, a nonprofit corporation shall file all of the following with the state treasurer: (a) A copy of the articles of incorporation of the nonprofit corporation and any amendments to those articles of incorporation. (b) […]

Section 125.2243 – Board of Directors.

125.2243 Board of directors. Sec. 13. (1) A Michigan early stage venture investment corporation shall be governed by a board of directors consisting of 7 directors. The directors of the board shall be appointed by the governor and, except for the state treasurer or the chief executive officer of the Michigan economic development corporation, with […]

Section 125.2245 – Delegation of Certain Acts; Fund Manager as Fiduciary; Evaluation of Business and Industry for Investment Purposes.

125.2245 Delegation of certain acts; fund manager as fiduciary; evaluation of business and industry for investment purposes. Sec. 15. (1) Except as otherwise provided in this act, in the nonprofit corporation act, 1982 PA 162, MCL 450.2101 to 450.3192, by law, or in its articles of incorporation, a Michigan early stage venture investment corporation may […]

Section 125.2247 – Agreements With Investors; Modification of Existing Agreement.

125.2247 Agreements with investors; modification of existing agreement. Sec. 17. (1) Subject to subsection (9), to secure investment in the fund, the Michigan early stage venture investment corporation shall enter into agreements with investors. (2) Each agreement shall contain all of the following: (a) An established and agreed-upon investment amount and repayment schedule. (b) A […]

Section 125.2249 – Michigan Early Stage Venture Investment Fund; Investment Plan; Criteria; Modification of Existing Agreement or Investment.

125.2249 Michigan early stage venture investment fund; investment plan; criteria; modification of existing agreement or investment. Sec. 19. (1) A Michigan early stage venture investment corporation shall create a Michigan early stage venture investment fund, which shall be a restricted fund. (2) The fund manager shall establish an investment plan approved by the board for […]

Section 125.2251 – Annual Financial Audit.

125.2251 Annual financial audit. Sec. 21. The fund manager shall file an annual report with the Michigan early stage venture investment corporation that includes an annual financial audit conducted by an independent auditor and any other financial information and documentation required by the Michigan early stage venture investment corporation to ensure the proper administration and […]

Section 125.2253 – Tax Voucher Certificates.

125.2253 Tax voucher certificates. Sec. 23. (1) The Michigan early stage venture investment corporation shall determine which investors are eligible for tax vouchers under former 1975 PA 228, the Michigan business tax act, 2007 PA 36, MCL 208.1101 to 208.1601, and the income tax act of 1967, 1967 PA 281, MCL 206.1 to 206.713, and […]

Section 125.2255 – Construction of Act.

125.2255 Construction of act. Sec. 25. This act shall be construed liberally to effectuate the legislative intent and its purposes. All powers granted shall be cumulative and not exclusive and shall be broadly interpreted to effectuate the intent and purposes and not as a limitation of powers. History: 2003, Act 296, Imd. Eff. Jan. 8, […]

Section 125.2257 – Annual Report.

125.2257 Annual report. Sec. 27. (1) The Michigan early stage venture investment corporation shall publish and make available on the Internet an annual report not more than 3 months after the close of the Michigan early stage venture investment corporation’s fiscal year that includes all of the following: (a) An enumeration of all investment and […]

Section 125.2259 – Actions Required.

125.2259 Actions required. Sec. 29. Not later than 1 year after the effective date of this act or 10 months after the Michigan early stage venture investment corporation receives a determination from the internal revenue service that it is exempt from taxation under section 501(c)(3) or 501(c)(4) of the internal revenue code, whichever occurs later, […]

Section 125.2261 – Expiration of Fund.

125.2261 Expiration of fund. Sec. 31. The fund created in section 19 shall expire on January 1, 2030. Any money in the fund, subject to all outstanding debts and obligation of the Michigan early stage venture investment corporation being defeased and satisfied, shall be distributed with the first $140,000,000.00 going to the general fund of […]

Section 125.2263 – Conditional Effective Date.

125.2263 Conditional effective date. Sec. 33. This act does not take effect unless all of the following bills of the 92nd Legislature are enacted into law: (a) Senate Bill No. 835. (b) House Bill No. 5322. History: 2003, Act 296, Imd. Eff. Jan. 8, 2004