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Michigan Compiled Laws Complete Through PA 278 of 2022
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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

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 and certification by attorney general; exception.
Section 125.2241SectionFiling with state treasurer; exception.
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; modification of existing agreement.
Section 125.2249SectionMichigan early stage venture investment fund; investment plan; criteria; modification of existing agreement or investment.
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.
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