Section 450.731 – Short Title.

450.731 Short title. Sec. 1. This act shall be known and may be cited as “the employee-owned corporation act”. History: 1985, Act 152, Eff. Jan. 10, 1986

Section 450.732 – Definitions.

450.732 Definitions. Sec. 2. As used in this act: (a) “Closing” means the permanent shutting down of operations at any establishment at which at least 25 persons are employed. (b) “Department” means the department of labor. (c) “Employee-owned corporation” means a business operation that is controlled by, and designed to maintain control by, its employees, […]

Section 450.733 – Program to Assist in Developing Employee-Owned Corporations; Establishment; Operation; Duty of Department.

450.733 Program to assist in developing employee-owned corporations; establishment; operation; duty of department. Sec. 3. The department, in cooperation with the department of commerce, shall establish a program to assist in developing employee-owned corporations. The program may operate when an establishment is closing or transferring operations resulting in a loss of jobs and when a […]

Section 450.734 – Powers of Department Generally.

450.734 Powers of department generally. Sec. 4. The department may do all of the following: (a) Develop, collect, and disseminate information useful to persons and organizations throughout the state in undertaking or promoting the establishment and successful operation of employee-owned corporations. (b) Evaluate the feasibility and economic viability of a proposed employee-owned corporation. (c) Provide […]

Section 450.735 – Assistance in Implementing MCL 450.734.

450.735 Assistance in implementing MCL 450.734. Sec. 5. Each principal department and the economic advisory council, as established by law, shall assist the department of labor, upon its request, in implementing section 4. History: 1985, Act 152, Eff. Jan. 10, 1986

Section 450.736 – Notice of Decision to Close or Relocate Operations.

450.736 Notice of decision to close or relocate operations. Sec. 6. The department shall encourage those business establishments considering a decision to effect a closing or relocation of operations relative to an establishment located in this state to give notice of that decision as early as possible to the department, the employees of the affected […]

Section 450.737 – Feasibility Study; Informational Meeting.

450.737 Feasibility study; informational meeting. Sec. 7. If the department becomes aware pursuant to a request that a business establishment is closing or relocating operations, the department may conduct an initial study of the feasibility of the employees of the corporation establishing an employee-owned corporation to continue the operations of the affected establishment or to […]

Section 450.738 – Conditional Effective Date.

450.738 Conditional effective date. Sec. 8. This act shall not take effect unless House Bill No. 4614 of the 83rd Legislature is enacted into law. History: 1985, Act 152, Eff. Jan. 10, 1986 Compiler’s Notes: House Bill No. 4614, referred to in Sec. 8, was filed with the Secretary of State Jan. 10, 1986, and […]