487.1101 Short title. Sec. 101. This act shall be known and may be cited as the “Michigan BIDCO act”. History: 1986, Act 89, Imd. Eff. May 1, 1986 Compiler’s Notes: For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner […]
487.1102 Purposes of act. Sec. 102. The purposes of this act are all of the following: (a) Promote economic development by encouraging the formation of business and industrial development companies, a new type of private institution, and to help meet the financing assistance and management assistance needs of business firms in this state. (b) Provide […]
487.1103 Meanings of words and phrases. Sec. 103. For the purposes of this act, unless the context clearly indicates otherwise, the words and phrases defined in sections 104 to 106 have the meaning ascribed to them in those sections. History: 1986, Act 89, Imd. Eff. May 1, 1986
487.1104 Definitions; A to C. Sec. 104. (1) “Affiliate” means, if used with respect to a specified person other than a natural person, a person controlling or controlled by that specified person, or a person controlled by a person that also controls the specified person. (2) “BIDCO” means a business and industrial development company licensed […]
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 […]
487.1106 Definitions; O to T. Sec. 106. (1) “Officer” means either of the following: (a) If used with respect to a corporation, an individual who is appointed or designated as an officer of that corporation by or under applicable law or the articles of incorporation or bylaws of that corporation, or an individual who performs […]
