Section 487.1106 - Definitions; O to T.
MICHIGAN BIDCO ACT (EXCERPT)
Act 89 of 1986
487.1106 Definitions; O to T.
Sec. 106.
(1) “Officer” means either of the following:
(a) If used with respect to a corporation, a person 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 a person who performs with respect to that corporation functions usually performed by an officer of a corporation.
(b) If used with respect to a specified person other than a natural person or a corporation, a person who performs with respect to that specified person functions usually performed by an officer of a corporation with respect to that corporation.
(2) “Order” means an approval, consent, authorization, exemption, denial, prohibition, or requirement applicable to a specific case issued by the commissioner. Order includes a condition of a license and an agreement made by a person with the commissioner under this act.
(3) “Owner” means a shareholder of a BIDCO organized as a Michigan corporation or a member of a BIDCO organized as a Michigan limited liability company.
(4) “Person” means an individual, proprietorship, joint venture, partnership, limited liability company, trust, business trust, syndicate, association, joint stock company, corporation, cooperative, government, agency of a government, or any other organization. If used with respect to acquiring control of or controlling a specified person, person includes a combination of 2 or more persons acting in concert.
(5) “Principal owner” means a person that owns, directly or indirectly, of record or beneficially, stock or membership interest representing 10% or more of the outstanding stock or membership interest of a corporation or limited liability company.
(6) “Subject person” means a controlling person, subsidiary or affiliate of a licensee, a director, officer, manager, or employee of a licensee or of a controlling person, subsidiary or affiliate of a licensee, or any other person who participates in the conduct of the business of a licensee.
(7) “Subsidiary” means, if used with respect to a licensee, a company or business firm that the licensee holds control of as permitted by section 507(1)(b), (c), or (d).
(8) “Total ownership vote” means, if used with respect to a corporation, the total outstanding shares of stock entitled to vote and, if used with respect to a Michigan limited liability company, the total vote of the members entitled to vote.
(9) “This act” includes an order issued or rule promulgated under this act.
History: 1986, Act 89, Imd. Eff. May 1, 1986 ;-- Am. 1997, Act 150, Imd. Eff. Dec. 2, 1997