Section 487.1104 - Definitions; A to C.
MICHIGAN BIDCO ACT (EXCERPT)
Act 89 of 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 who also controls the specified person.
(2) “BIDCO” means a business and industrial development company licensed under this act.
(3) “Business firm” means a person that transacts business on a regular and continual basis, or a person that proposes to transact business on a regular and continual basis.
(4) “Commissioner” means the commissioner of the financial institutions bureau of the department of consumer and industry services.
(5) “Control” means, if used with respect to a specified person, the power to direct or cause the direction of, directly or indirectly through 1 or more intermediaries, the management and policies of that specified person, whether by contract, other than a commercial contract for goods or nonmanagement services, or otherwise. A natural person shall not be considered to control a person solely on account of being a director, officer, manager, or employee of that person. A person who, directly or indirectly, has the power to vote or direct the voting of 20% or more of the total ownership vote, shall be rebuttably presumed to control that entity.
(6) “Controlling person” means, if used with respect to a specified person, a person who controls that specified person, directly or indirectly through 1 or more intermediaries.
History: 1986, Act 89, Imd. Eff. May 1, 1986 ;-- Am. 1997, Act 150, Imd. Eff. Dec. 2, 1997