FrankGoortani/open-us-law huggingface dataset:
Mich. Comp. Laws § 487.13806 — MI Code / Chapter 487 / Act Act-276-of-1999 / Section 487.13806
Dividends.
Status: in_force

Sec. 3806.

From time to time, the board of directors of a bank may declare and pay dividends on the common stock of the bank consistent with this section.

A cash dividend or dividend in kind shall not be declared or paid unless the bank will have a surplus amounting to not less than 20% of its capital after the payment of the dividend.

A cash dividend or dividend in kind shall not be declared by a bank except out of net income then on hand after deducting its losses and bad debts. Unless the debts due the bank on which interest is past due and unpaid for a period of 6 months are well secured and in process of collection or the debts constitute claims against solvent estates in probate, all debts shall be considered bad debts within the meaning of this section.

A cash dividend or dividend in kind shall not be declared or paid until the cumulative dividends on preferred stock, if any, have been paid in full. By their unanimous vote, the preferred shareholders may waive their right to any amount of the accumulated but unpaid dividends.

If at any time the surplus of a bank is less than the amount of its capital, before the declaration of a cash dividend or dividend in kind, it shall transfer to surplus not less than 10% of its net income of the preceding 6 months in the case of quarterly or semiannual dividends, or not less than 10% of its net income of the preceding 2 consecutive 6-month periods in the case of annual dividends. For the purpose of this section, any amounts transferred to a fund for the retirement of any preferred stock of the bank out of its net income for the periods are considered to be additions to its surplus, if, upon the retirement of the preferred stock, the amounts credited into the retirement fund may then properly be carried to surplus. In this case, the bank shall be obligated to credit to surplus the amounts transferred into the retirement fund on account of the preferred stock as the stock is retired.

Without regard to the limitations of this section and section 3804, a bank, with the approval of the commissioner, and by vote of shareholders owning 2/3 of the stock entitled to vote, may amend its articles to increase its capital stock by declaration of a stock dividend on the capital stock. After the increase, the surplus of the bank shall be at least equal to 20% of the capital stock as increased.

A bank may pay dividends on its preferred stock at the applicable rate without regard to subsections (1) through (6).

Dividends paid to shareholders under a dividend reinvestment plan shall be subject to this act relative to payment of dividends.

A dividend shall not be paid from capital or surplus of the bank.

History: 1999, Act 276, Eff. Mar. 1, 2000
Mich. Comp. Laws § 124.605 — MI Code / Chapter 124 / Act Act-57-of-1988 / Section 124.605
Contents of articles of incorporation.
Status: in_force

Sec. 5.

Subject to the laws of this state, an authority's articles of incorporation shall state the name of the authority; the names of the incorporating municipalities; the purpose or purposes for which the authority is created; the powers, duties, and limitations of the authority and its officers, including ordinances necessary to support the authority as allowed under section 9(b); the method of selecting its governing body, officers, and employees; and the person or persons who are charged with the responsibility of causing the articles of incorporation to be published and printed copies to be certified and filed as provided in section 2 or who are charged with any other responsibility in connection with the incorporation of the authority.

History: 1988, Act 57, Eff. Apr. 1, 1988; Am. 2006, Act 652, Imd. Eff. Jan. 5, 2007
Mich. Comp. Laws § 444.103 — MI Code / Chapter 444 / Act Act-147-of-1905 / Section 444.103
Warehouse receipts for certain merchandise; filing declaration, statement; issuance, transfer.
Status: in_force

Sec. 3.

Each certificate or receipt issued by any such person, firm or corporation, under the provisions of this act, shall have printed on the back thereof, a statement that the party issuing the same has complied with the requirements of section 2 of this act, giving the book, page and name of the county where the record of such declaration may be found. When such certificate or receipt is so issued and delivered, it shall have the effect of transferring to the holder thereof the title to the commodities therein described or enumerated, and shall thereafter be assignable and transferable by delivery, and such delivery shall transfer to any bona fide holder, in due course, the title to the commodities therein described and enumerated, against all persons claiming title subsequent to the issuing and delivery of such certificate or receipt.

History: 1905, Act 147, Eff. Sept. 16, 1905; CL 1915, 6624; CL 1929, 9652; CL 1948, 444.103
Mich. Comp. Laws § 50.66 — MI Code / Chapter 50 / Act R-S-of-1846 / Section 50.66
County clerk; transmitting names and postoffice addresses of township and city clerks and members of county board of commissioners to secretary of state; notifying secretary of state of person elected or appointed to fill vacancy.
Status: in_force

Sec. 66.

Annually, the clerk of each county, immediately after receiving from the township and city clerks of his or her county the names and postoffice addresses of the township and city officers, shall transmit to the secretary of state the names and postoffice addresses of the several township and city clerks, with the name of the township or city for which they are clerks set opposite their respective names. Whenever the county clerk receives information of a vacancy due to death, removal, or resignation of any township or city clerk in the county, the county clerk shall immediately notify the secretary of state of the name and post office address of the person elected or appointed to fill the vacancy, along with the name of township or city.

Annually, the clerk of the county shall transmit to the secretary of state the names and post office addresses of the members of the county board of commissioners. Whenever the county clerk receives information of a vacancy in the office of such a commissioner in the county, the county clerk shall immediately notify the secretary of state of the name and post office address of the person elected or appointed to fill the vacancy.

History: R.S. 1846, Ch. 14; CL 1857, 407; CL 1871, 543; Am. 1873, Act 50, Imd. Eff. Mar. 27, 1873; How. 576; CL 1897, 2575; CL 1915, 2436; CL 1929, 1317; CL 1948, 50.66; Am. 1983, Act 41, Imd. Eff. May 12, 1983
Mich. Comp. Laws § 750.85 — MI Code / Chapter 750 / Act Act-328-of-1931 / Section 750.85
Torture; felony; penalty; definitions; element of crime; other laws.
Status: in_force

Sec. 85.

(1) A person who, with the intent to cause cruel or extreme physical or mental pain and suffering, inflicts great bodily injury or severe mental pain or suffering upon another person within his or her custody or physical control commits torture and is guilty of a felony punishable by imprisonment for life or any term of years.

(2) As used in this section:

(a) "Cruel" means brutal, inhuman, sadistic, or that which torments.

(b) "Custody or physical control" means the forcible restriction of a person's movements or forcible confinement of the person so as to interfere with that person's liberty, without that person's consent or without lawful authority.

(c) "Great bodily injury" means either of the following:

( i ) Serious impairment of a body function as that term is defined in section 58c of the Michigan vehicle code, 1949 PA 300, MCL 257.58c.

( ii ) One or more of the following conditions: internal injury, poisoning, serious burns or scalding, severe cuts, or multiple puncture wounds.

(d) "Severe mental pain or suffering" means a mental injury that results in a substantial alteration of mental functioning that is manifested in a visibly demonstrable manner caused by or resulting from any of the following:

( i ) The intentional infliction or threatened infliction of great bodily injury.

( ii ) The administration or application, or threatened administration or application, of mind-altering substances or other procedures calculated to disrupt the senses or the personality.

( iii ) The threat of imminent death.

( iv ) The threat that another person will imminently be subjected to death, great bodily injury, or the administration or application of mind-altering substances or other procedures calculated to disrupt the senses or personality.

(3) Proof that a victim suffered pain is not an element of the crime under this section.

(4) A conviction or sentence under this section does not preclude a conviction or sentence for a violation of any other law of this state arising from the same transaction.

History: Add. 2005, Act 335, Eff. Mar. 1, 2006
Mich. Comp. Laws § 211.30c — MI Code / Chapter 211 / Act Act-206-of-1893 / Section 211.30c
Reduced amount as basis for calculating assessed value or taxable value in succeeding year; applicability of section.
Status: in_force

Sec. 30c.

If a taxpayer has the assessed value or taxable value reduced on his or her property as a result of a protest to the board of review under section 30, the assessor shall use that reduced amount as the basis for calculating the assessment in the immediately succeeding year. However, the taxable value of that property in a tax year immediately succeeding a transfer of ownership of that property is that property's state equalized valuation in the year following the transfer as calculated under this section.

If a taxpayer appears before the tax tribunal during the same tax year for which the state equalized valuation, assessed value, or taxable value is appealed and has the state equalized valuation, assessed value, or taxable value of his or her property reduced pursuant to a final order of the tax tribunal, the assessor shall use the reduced state equalized valuation, assessed value, or taxable value as the basis for calculating the assessment in the immediately succeeding year. However, the taxable value of that property in a tax year immediately succeeding a transfer of ownership of that property is that property's state equalized valuation in the year following the transfer as calculated under this section.

This section applies to an assessment established for taxes levied after January 1, 1994. This section does not apply to a change in assessment due to a protest regarding a claim of exemption.

History: Add. 1994, Act 297, Imd. Eff. July 14, 1994; Am. 1994, Act 415, Imd. Eff. Dec. 29, 1994; Am. 1996, Act 476, Imd. Eff. Dec. 26, 1996
Mich. Comp. Laws § 333.5611 — MI Code / Chapter 333 / Act Act-368-of-1978 / Section 333.5611
Report of occupational disease or health condition aggravated by workplace exposures; time; contents; forms and instructions.
Status: in_force

Sec. 5611.

A physician, hospital, clinic, or employer knowing of an individual having a case of occupational disease or a health condition aggravated by workplace exposures shall report the case to the department within 10 days after the discovery of the occupational disease or condition.

A physician, hospital, clinic, or employer knowing of a suspected case of occupational disease or a health condition aggravated by workplace exposures shall report the case to the department within 10 days after the discovery of the occupational disease or condition.

The report shall state the name and address of the individual, the name and business address of the employer, the business of the employer, the place of the individual's employment, the length of time of employment in the place where the individual became ill, the nature of the disease, and other information required by the department.

The department shall prepare and furnish the report forms and instructions for their use to physicians, hospitals, clinics, and employers.

History: 1978, Act 368, Eff. Sept. 30, 1978
Mich. Comp. Laws § 123.1041 — MI Code / Chapter 123 / Act Act-98-of-2017 / Section 123.1041
Short title.
Status: in_force

Sec. 1.

This act shall be known and may be cited as the "educational instruction access act".

History: 2017, Act 98, Imd. Eff. July 13, 2017
Mich. Comp. Laws § 324.61512 — MI Code / Chapter 324 / Act Act-451-of-1994 / Section 324.61512
Allocation or distribution of allowable production in well, field, or pool; basis.
Status: in_force

Sec. 61512.

If, to prevent waste, the supervisor limits the amount of oil or gas to be produced from any well, pool, or field in this state, the supervisor shall allocate or distribute the allowable production in the field or pool. The supervisor shall make such a determination or distribution in the field or pool on a reasonable basis, giving, if reasonable, under all circumstances, to each small well of settled production in the pool or field an allowable production that will prevent a general or premature abandonment of the wells in the pool or field.

History: Add. 1995, Act 57, Imd. Eff. May 24, 1995
Mich. Comp. Laws § 168.311 — MI Code / Chapter 168 / Act Act-116-of-1954 / Section 168.311
School board; appointment to fill vacancy; election; notice to school district election coordinator.
Status: in_force

Sec. 311.

(1) If less than a majority of the offices of school board member of a school district become vacant, the remaining school board members shall fill each vacant office by appointment. If a vacancy in the office of school board member is not filled within 30 days after the vacancy occurs or if a majority of the offices of school board member of a school district become vacant, the intermediate school board for that school district shall fill each vacancy by appointment. An individual appointed under this subsection serves until a successor is elected and qualified.

(2) If a vacancy occurs in an office of school board member more than 7 days before the nominating petition filing deadline as provided in section 303 for the general November election that is not the general November election at which a successor in office would be elected if there were no vacancy, the person appointed shall hold office only until a successor is elected at the next general November election in the manner provided by law and qualifies for office. The successor shall hold the office for the remainder of the unexpired term. This subsection applies regardless of whether an individual is appointed under subsection (1) to fill the vacancy.

(3) Within 3 days after an appointment is made to fill a vacancy in an elected office in a school district, the secretary of the school board shall notify the school district election coordinator, in writing, of the name, address, and office of the person who vacated the office as well as the person filling the office.

History: Add. 2003, Act 302, Eff. Jan. 1, 2005; Am. 2004, Act 289, Imd. Eff. July 23, 2004; Am. 2014, Act 94, Imd. Eff. Apr. 3, 2014
Mich. Comp. Laws § 421.2 — MI Code / Chapter 421 / Act Act-1-of-1936-Ex-Sess- / Section 421.2
Declaration of public policy; findings.
Status: in_force

Sec. 2.

(1) The legislature acting in the exercise of the police power of the state declares that the public policy of the state is as follows: Economic insecurity due to unemployment is a serious menace to the health, morals, and welfare of the people of this state. Involuntary unemployment is a subject of general interest and concern which requires action by the legislature to prevent its spread and to lighten its burden which so often falls with crushing force upon the unemployed worker and his or her family, to the detriment of the welfare of the people of this state. Social security requires protection against this hazard of our economic life. Employers should be encouraged to provide stable employment. The systematic accumulation of funds during periods of employment to provide benefits for periods of unemployment by the setting aside of unemployment reserves to be used for the benefit of persons unemployed through no fault of their own, thus maintaining purchasing power and limiting the serious social consequences of relief assistance, is for the public good, and the general welfare of the people of this state.

(2) The legislature finds that from time to time high levels of unemployment have resulted in the exhaustion of the funds in this state's account of the unemployment trust fund, has required advances or loans to the state from the federal account of the unemployment trust fund, and has caused the imposition of lawful penalty taxes and solvency taxes to repay those advances and the interest on those advances. The financing and payment of the outstanding principal amount heretofore or hereafter advanced or loaned to this state from the federal account of the unemployment trust fund and the interest on those loans, if any, the funding of unemployment compensation benefits, and the financing and funding of this state's account in the unemployment trust fund including, without limitation, the funding of sufficient fund balances in the unemployment trust fund, are an essential governmental function and public purpose of this state. The legislature further finds that the issuance of bonds by the Michigan finance authority or other issuer to finance the foregoing payments and to avoid or reduce the imposition of penalty taxes and solvency taxes will further and facilitate an essential governmental function and public purpose of this state that will encourage the development of industry and commerce, foster economic growth, provide employment opportunities for the citizens and residents of this state and further other economic development and activities in this state, and in general promote the public health and general welfare of the people of this state.

History: 1936, Ex. Sess., Act 1, Imd. Eff. Dec. 24, 1936; CL 1948, 421.2; Am. 2011, Act 268, Imd. Eff. Dec. 19, 2011
Mich. Comp. Laws § 447.206 — MI Code / Chapter 447 / Act Act-359-of-1990 / Section 447.206
Export sale.
Status: in_force

Sec. 6.

An export sale under this act may be identified, proposed, developed, originated, or administered by or through an exporter, importer, agricultural trade association, the United States department of agriculture, a world trade center, the department, a qualifying financial institution, a statutorily created agricultural commodity commission, the Michigan export development authority created by section 3 of the Michigan export development authority act, Act No. 157 of the Public Acts of 1986, being section 447.153 of the Michigan Compiled Laws, or any other person.

History: 1990, Act 359, Imd. Eff. Dec. 27, 1990
Mich. Comp. Laws § 211.16 — MI Code / Chapter 211 / Act Act-206-of-1893 / Section 211.16
Forest products; duty of supervisor.
Status: in_force

Sec. 16.

It shall be the duty of the supervisor of the township in which any such saw logs, timber, railroad ties, telegraph poles or tanbark, cut prior to the time of taking the annual assessment, may be banked or piled, or that may be in transit, to ascertain the amount of such property which may be or may have been in his township or assessment district at any time during the month of January in each year, liable to assessment, by actual view of the same, as far as practicable, and to fix the value of such property, and to assess the same to the owner thereof as herein provided.

History: 1893, Act 206, Eff. June 12, 1893; CL 1897, 3839; CL 1915, 4010; CL 1929, 3404; CL 1948, 211.16; Am. 1949, Act 285, Eff. Sept. 23, 1949
Mich. Comp. Laws § 500.6011 — MI Code / Chapter 500 / Act Act-218-of-1956 / Section 500.6011
Reorganization plan; filing of documents; hearing; approval or disapproval of plan by commissioner; conditions for approval; retention and assistance of qualified expert.
Status: in_force

Sec. 6011.

After adoption by the mutual company's board of directors and prior to the members' approval of the plan of reorganization, a mutual company shall file all of the following documents with the commissioner for review and approval:

The plan of reorganization.

The form of notice required by section 6013 for eligible members to vote on the plan.

Any proxies to be solicited from eligible members and any other soliciting materials.

The proposed articles of incorporation and bylaws of the mutual holding company, each intermediate holding company, if any, and the revised articles of incorporation and bylaws of the converted company.

The commissioner may hold a hearing to review a plan of reorganization. The commissioner shall approve the plan upon finding both of the following:

The plan complies with this chapter.

The plan is fair and equitable to the interests of the policyholders.

The commissioner shall approve or disapprove a plan by not later than 90 days after the filing of the documents under subsection (1).

The commissioner may conditionally approve a plan if he or she determines that conditions are reasonably necessary to protect policyholder interests. The conditions may include, but are not limited to, the following:

Prior approval of any concurrent or subsequent acquisition, merger, or formation of affiliate entities of the mutual holding company.

Prior approval of the capital structure of or any changes to the capital structure of any intermediate holding company.

Prior approval of any initial public offering or of any other issuance of equity or debt securities of an intermediate holding company or of the converted company in a private sale or public offering.

Prior approval of the expansion of the mutual holding insurance company system into lines of business, industries, or operations for which it was not licensed or authorized at the time of the reorganization.

Limitations on dividends and distributions if the effect would be to reduce capital and surplus of the converted company, in addition to any limitations that may otherwise be authorized by law.

Limitations on the pledge or encumbrance of the stock of the converted company.

The commissioner may retain, at the mutual company's expense, any qualified expert not otherwise a part of the commissioner's staff to assist in reviewing the plan of reorganization.

History: Add. 2000, Act 8, Imd. Eff. Feb. 25, 2000
Mich. Comp. Laws § 700.7901 — MI Code / Chapter 700 / Act Act-386-of-1998 / Section 700.7901
Remedies for breach of trust.
Status: in_force

Sec. 7901.

(1) A violation by a trustee of a duty the trustee owes to a trust beneficiary is a breach of trust.

(2) To remedy a breach of trust that has occurred or may occur, the court may do any of the following:

(a) Compel the trustee to perform the trustee's duties.

(b) Enjoin the trustee from committing a breach of trust.

(c) Compel the trustee to redress a breach of trust by paying money, restoring property, or other means.

(d) Order a trustee to account.

(e) Appoint a special fiduciary to take possession of the trust property and administer the trust.

(f) Suspend the trustee.

(g) Remove the trustee as provided in section 7706.

(h) Reduce or deny compensation to the trustee.

(i) Subject to section 7912, void an act of the trustee, impose a lien or a constructive trust on trust property, or trace trust property wrongfully disposed of and recover the property or its proceeds.

(j) Order any other appropriate relief.

History: Add. 2009, Act 46, Eff. Apr. 1, 2010