MCL - Act 296 of 2003

Chapter 125

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MICHIGAN EARLY STAGE VENTURE INVESTMENT ACT OF 2003
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:

Document	Type	Description
Section 125.2231	Section	Short title.
Section 125.2232	Section	Legislative findings; declaration.
Section 125.2233	Section	Definitions.
Section 125.2235	Section	Incorporation as nonprofit corporation.
Section 125.2237	Section	Articles of incorporation; contents.
Section 125.2239	Section	Articles of incorporation; review and certification by attorney general; exception.
Section 125.2241	Section	Filing with state treasurer; exception.
Section 125.2243	Section	Board of directors.
Section 125.2245	Section	Delegation of certain acts; fund manager as fiduciary; evaluation of business and industry for investment purposes.
Section 125.2247	Section	Agreements with investors; modification of existing agreement.
Section 125.2249	Section	Michigan early stage venture investment fund; investment plan; criteria; modification of existing agreement or investment.
Section 125.2251	Section	Annual financial audit.
Section 125.2253	Section	Tax voucher certificates.
Section 125.2255	Section	Construction of act.
Section 125.2257	Section	Annual report.
Section 125.2259	Section	Actions required.
Section 125.2261	Section	Expiration of fund.
Section 125.2263	Section	Conditional effective date.