Section 129.275 – Availability of Funds.
129.275 Availability of funds. Sec. 15. Subject to any agreements with bondholders, the authority has the power to use any funds available to purchase bonds of the authority at a price determined by the authority. History: 2005, Act 226, Imd. Eff. Nov. 21, 2005
Section 129.276 – Report.
129.276 Report. Sec. 16. The authority shall submit an annual report no later than March 1 relating to its activities for the preceding calendar year to the governor, the speaker and minority leader of the house of representatives, and the majority and minority leaders of the senate. History: 2005, Act 226, Imd. Eff. Nov. 21, […]
Section 129.277 – Appropriation.
129.277 Appropriation. Sec. 17. (1) One million dollars is appropriated from the general fund to the authority for the fiscal year ending September 30, 2006 for all of the following purposes: (a) Payment of operating expenses of the authority. (b) Funding any reserve requirements. (2) Money appropriated under this section that is not expended before […]
Section 129.278 – Legal Jurisdiction.
129.278 Legal jurisdiction. Sec. 18. Except as otherwise provided in this section, any legal action against the authority shall be brought in the Michigan court of appeals, which shall have exclusive jurisdiction. However, any legal actions against the authority seeking money damages shall be brought in the Michigan court of claims, which shall have exclusive […]
Section 129.279 – Severability.
129.279 Severability. Sec. 19. This act is declared to be severable. If any portion of this act or the application of this act to any person or circumstances is found to be invalid by a court, the invalidity of that portion or application shall not affect the remaining portions or applications that can be given […]
Section 129.291 – Short Title.
129.291 Short title. Sec. 1. This act shall be known and may be cited as the “divestment from terror act”. History: 2008, Act 234, Imd. Eff. July 17, 2008
Section 129.292 – Definitions.
129.292 Definitions. Sec. 2. As used in this act: (a) “Active business operations” means all business operations that are not inactive business operations. Active business operations do not include the activities of any business, legal, or governmental entity or institution that provides humanitarian aid to the people of any state sponsors of terror. (b) “Business […]
Section 129.266 – Board of Directors; Membership; Terms; Vacancy; Compensation; Reimbursement; Chairperson; Quorum; Vote; Agents and Employees; Discharge of Duties by Member, Officer, Employee, or Agent; Independent Public Financial Advisor.
129.266 Board of directors; membership; terms; vacancy; compensation; reimbursement; chairperson; quorum; vote; agents and employees; discharge of duties by member, officer, employee, or agent; independent public financial advisor. Sec. 6. (1) The authority shall exercise its duties through its board of directors. (2) The board shall be made up of 7 members as follows: (a) […]
Section 129.293 – Scrutinized Companies; Identification by Fiduciary.
129.293 Scrutinized companies; identification by fiduciary. Sec. 3. Within 90 days after the effective date of this act, the fiduciary shall make its best efforts to identify all scrutinized companies in which the fiduciary has direct or indirect holdings or has a current option to have such holdings in the future. The efforts may include […]
Section 129.267 – Powers of Authority.
129.267 Powers of authority. Sec. 7. The authority shall have all of the following powers: (a) To solicit and accept gifts, grants, and loans from any person. (b) To invest any money of the authority at the authority’s discretion, in any obligations determined proper by the authority, and name and use depositories for its money. […]