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Act 296 of 2003
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Act 296 of 2003

AN ACT to promote investment in certain businesses; to promote economic development in this state; to provide for a Michigan early stage venture investment corporation; to prescribe the powers and duties of a Michigan early stage venture investment corporation; to prescribe the powers and duties of certain public officers and departments; to establish the Michigan early stage venture investment fund and other funds; to provide for tax credits and incentives; to authorize certain investments; to provide for the expiration of the fund; to provide or allow for appropriations; and to provide penalties and remedies.

History: 2003, Act 296, Imd. Eff. Jan. 8, 2004

© 2015 Legislative Council, State of Michigan

The People of the State of Michigan enact:

Section 125.2231SectionShort title.
Section 125.2232SectionLegislative findings; declaration.
Section 125.2233SectionDefinitions.
Section 125.2235SectionIncorporation as nonprofit corporation.
Section 125.2237SectionArticles of incorporation; contents.
Section 125.2239SectionArticles of incorporation; review by attorney general.
Section 125.2241SectionFiling with state treasurer.
Section 125.2243SectionBoard of directors.
Section 125.2245SectionDelegation of certain acts; fund manager as fiduciary; evaluation of business and industry for investment purposes.
Section 125.2247SectionAgreements with investors.
Section 125.2249SectionMichigan early stage venture investment fund; investment plan; criteria.
Section 125.2251SectionAnnual financial audit.
Section 125.2253SectionTax voucher certificates.
Section 125.2255SectionConstruction of act.
Section 125.2257SectionAnnual report.
Section 125.2259SectionActions required.
Section 125.2261SectionExpiration of fund.
Section 125.2263SectionConditional effective date.