reglab/housing_qa huggingface dataset:
MI Comp L § 451.2 (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 13 of 1935 - Michigan Corporation and Securities Commission (451.1 - 451.4)|Section 451.2 - Corporation and Securities Commission; Powers; Employees, Salary; Fees.

451.2 Corporation and securities commission; powers; employees, salary; fees. Sec. 2.  Said commissioner shall have the power to appoint not more than 3 deputy commissioners, who shall have the power and authority to conduct hearings in the several matters submitted to the commissioner for his determination, and to make report of such evidence as may be submitted to them, together with their conclusions and recommendations, to the commissioner for his action, and shall likewise have power and authority to perform such other duties as may be delegated to them by the commissioner. The commission shall have power to appoint a secretary and such clerks, assistants, examiners, and other employes as shall be necessary for the proper exercise of the powers hereby granted. The commissioner, each deputy commissioner and the secretary shall receive such annual salary as shall be appropriated by the legislature, payable in the same manner as are the salaries of other state officials. The salaries of clerks, assistants, examiners and other employes, shall be fixed and determined by the commissioner, subject to the approval of the director of finance. The commissioner, deputies and other employes of the commission shall be entitled to reasonable expenses while traveling in the performance of any of the duties hereby imposed. All salaries and expenses authorized hereunder shall be paid out of the state treasury in the same manner as the salaries of other state officers and employes are paid. Any appropriation made for the Michigan securities commission, or for the secretary of state, insofar as the corporation division thereof is concerned, together with any sums receivable by said Michigan securities commission under any act or acts under which said commission has existed and functioned, or receivable by the secretary of state incident to the operation of the corporation laws of the state of Michigan, shall be paid into the general fund of the state of Michigan. For furnishing photostatic or typewritten or other copies of records or proceedings of the commission or of documents and papers required or permitted by law to be filed with the commission, and for certifying same, the commission shall charge in accordance with a schedule of fees which it shall adopt with the approval of the state administrative board, which schedule of fees may be changed or amended by the commission with the approval of the state administrative board: Provided, however, that a minimum charge of $1.00 shall be made for each certificate. History: 1935, Act 13, Eff. Sept. 21, 1935 ;-- Am. 1939, Act 228, Imd. Eff. June 14, 1939 ;-- CL 1948, 451.2
MI Comp L § 451.4 (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 13 of 1935 - Michigan Corporation and Securities Commission (451.1 - 451.4)|Section 451.4 - Corporation and Securities Commission; Review of Orders; Injunctions.

451.4 Corporation and securities commission; review of orders; injunctions. Sec. 4.  Any final order of said commission shall be subject to review in the manner now provided by law for reviewing orders of the Michigan securities commission. In no case, however, shall any injunction or other order issue, suspending or staying any order of the commission, except after due notice to the commission and reasonable opportunity for hearing thereon. History: 1935, Act 13, Eff. Sept. 21, 1935 ;-- CL 1948, 451.4
MI Comp L § 451.251 (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 275 of 1937 - Real Estate Bonds and Securities (451.251 - 451.252)|Section 451.251 - Real Estate Bonds and Securities; Records; Duties of Fiduciaries; Report to Public Trust Commission, Contents; Authority of Commission.

451.251 Real estate bonds and securities; records; duties of fiduciaries; report to public trust commission, contents; authority of commission. Sec. 1.  All persons, firms, associations or corporations acting as trustees or depositaries or fiscal agents or in any other capacity in which funds may be received for the retirement of real estate bonds or other real estate securities, or for the payment of interest thereon, shall keep an accurate record of all transactions in connection therewith, which record shall be open to examination when bonds are in default by the public trust commission or its duly authorized representative or representatives, and, in case of a default in principal or interest payments upon any such obligation, shall make a report thereof to the said public trust commission, setting forth such information as it may have of the number and face value of the bonds or securities originally issued, the number and face value of the bonds or securities outstanding, the cash on hand for application thereon, the extent of default or deficiency in funds for retirement of principal and interest, the period of time for which such real estate bonds or securities were issued, a description of the lands which constitute the security for the payment of said obligations sufficient to identify the same, and, upon demand of the public trust commission, any other information pertinent to the default upon such obligations or the possibility of payment thereon, and shall also, upon demand of the public trust commission, furnish like and further information as and when the same may be required by the said public trust commission. The public trust commission is hereby given express authority to demand that any and all additional information necessary for the performance of its duties be included or given to supplement, at any time, any report required hereby. Upon receiving such demand the trustee, depositary or fiscal agent shall, within the time specified therein, furnish to the said public trust commission such of said requested information as may then be available to said trustee, depositary or fiscal agent. Every such report and such additional information shall be in writing and sworn to by the persons or by the owner or 1 of the owners, if a partnership or unincorporated association, or by any officer having knowledge of the facts if a corporation acting as trustee, depositary, fiscal agent or in any other capacity as above set forth. History: 1937, Act 275, Imd. Eff. July 22, 1937 ;-- CL 1948, 451.251
MI Comp L § 451.252 (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 275 of 1937 - Real Estate Bonds and Securities (451.251 - 451.252)|Section 451.252 - Real Estate Bonds and Securities; Failure to File Reports or Give Information; Authority of Attorney General, Procedure, Requirement; Taxable Costs.

451.252 Real estate bonds and securities; failure to file reports or give information; authority of attorney general, procedure, requirement; taxable costs. Sec. 2.  Upon the failure or refusal of any person, firm, association or corporation to file reports or give information required by this act, the attorney general upon the relation of said public trust commission, may file a verified petition in the proper circuit court in chancery praying for the production of any and all records or other information relative to any such obligation in default and for permission to examine any person or persons in relation thereto, and the court may thereupon enter an order directing the production of any and all records, papers, documents or other information and the appearance of any person or persons to be examined on a day to be fixed by the court: Provided, however, That no action as herein provided shall be taken by the attorney general except upon request of said public trust commission and unless and until there shall have been deposited with said public trust commission an amount of money by the holder or holders of such obligations sufficient to meet all expenses in connection with such proceeding, the initiation of the proceeding and the amount of said deposit required to rest solely within the discretion of the attorney general and said public trust commission. The circuit court upon the conclusion of the hearing on such petition may tax the costs of said proceeding. Any and all proceedings by virtue of such petition, not otherwise prescribed herein, shall be in accordance with the usual chancery practice. History: 1937, Act 275, Imd. Eff. July 22, 1937 ;-- CL 1948, 451.252
MI Comp L § 451.302 (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 89 of 1933 - Protective Committees (451.302 - 451.319)|Section 451.302 - Protective Committees, Depositaries and Solicitors; Definitions.

451.302 Protective committees, depositaries and solicitors; definitions. Sec. 2.  Definitions as used in this act are as follows:  (a) The term “commission” means the public trust commission as hereinbefore created.  (b) The term “person” or “persons” shall include natural persons, corporations, partnerships, associations, companies, and syndicates.  (c) The term “security” or “securities” shall include bonds, notes, debentures, and any other instrument of like character used to evidence indebtedness.  (d) The term “protective committee” shall include all persons who propose or purport to act, or who are now acting, for and in behalf of others and/or themselves with respect to a security and/or for the purpose of protecting and preserving the common interests of the holders or owners of the particular security.  (e) The term “depositary” shall include all persons who propose to act, or who are now acting, in connection with a protective committee for the purpose of accepting securities for deposit under and/or consents to a protective committee agreement.  (f) The term “solicitor” shall include all persons who procure or solicit directly or indirectly, or who are now procuring or soliciting directly or indirectly the deposit of securities with a depositary under a protective committee agreement or similar instrument and/or who procure or solicit directly or indirectly, or who are now procuring or soliciting directly or indirectly, the consent of holders or owners of securities to a protective committee agreement or similar instrument. History: 1933, Act 89, Imd. Eff. May 25, 1933 ;-- CL 1948, 451.302
MI Comp L § 451.304 (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 89 of 1933 - Protective Committees (451.302 - 451.319)|Section 451.304 - Protective Committees, Depositaries and Solicitors; Licenses, Non-Resident Applicants, Filing; Service of Process.

451.304 Protective committees, depositaries and solicitors; licenses, non-resident applicants, filing; service of process. Sec. 4.  Every applicant for a license who is a non-resident of this state shall file with the application an irrevocable consent that suits and actions arising out of or founded upon any activity of such applicant in this state as a member of a protective committee, as depositary, or as solicitor, as the case may be, may be commenced against the applicant in the proper court of any county in the state in which the plaintiff may reside, or if the plaintiff is a non-resident, in Ingham county, by the service of any process authorized by the laws of this state on the chairman of the commission; said consent stipulating and agreeing that such service of any process on such chairman shall be taken and held in all courts to be as valid and binding as if due service had been made on the applicant personally. All process which shall be served upon said chairman in reliance upon the consent of an applicant shall be served in duplicate, 1 of which shall be retained in the office of the commission and the other forwarded by the commission forthwith by registered mail to the address of the person against whom said process is directed. History: 1933, Act 89, Imd. Eff. May 25, 1933 ;-- CL 1948, 451.304
MI Comp L § 451.305 (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 89 of 1933 - Protective Committees (451.302 - 451.319)|Section 451.305 - Protective Committees, Depositaries and Solicitors; Licenses, Suspension or Revocation.

451.305 Protective committees, depositaries and solicitors; licenses, suspension or revocation. Sec. 5.  The commission shall have the power to suspend or revoke licenses once issued for any practices on the part of the person licensed partaking of, or actually resulting in, fraud, deception or imposition upon the holders or owners of securities whether or not such holders or owners have deposited their securities and/or consented to a protective committee agreement, and also for activity in violation of the commission's orders or rulings or the provisions of this act, or in case of members of protective committees for failure to act expeditiously in the matter with respect to which they organized: Provided, That no order of suspension or revocation of license shall be entered until the person licensed has been given a hearing on the reasons for such suspension or revocation. Upon notice of revocation, it shall be the duty of the person licensed to return the license to the commission for cancellation. History: 1933, Act 89, Imd. Eff. May 25, 1933 ;-- CL 1948, 451.305
MI Comp L § 451.306 (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 89 of 1933 - Protective Committees (451.302 - 451.319)|Section 451.306 - Protective Committees; Statement, Contents; Application to Solicit Security Holders.

451.306 Protective committees; statement, contents; application to solicit security holders. Sec. 6.  Before any protective committee now in existence or hereafter formed, shall employ solicitors, or itself solicit, the deposit of securities with a depositary under a protective agreement and/or the consent of holders or owners of securities to a protective agreement, it shall file with the commission a statement under oath containing the following information:  (a) The amount of the particular security originally issued;  (b) The amount of the particular security outstanding at the date of the execution of the statement;  (c) The names and addresses of all persons known to or believed by the protective committee to be the holder or owner of the particular security and the amount of the particular security which such persons severally hold or own;  (d) A copy of the agreement or indenture, if any, under which the security was issued;  (e) The purpose and reasons for the organization and formation of the protective committee;  (f) A copy of the depository or protective agreement which the protective committee proposes to employ, and in the case of existing protective committees, a copy of the depository or protective agreement which the committee is now employing, in the procurement of the deposit of securities and/or the consent to a protective committee agreement of the holders or owners of securities;  (g) A complete list of the names and addresses of the members of the protective committee and an identification of its chairman and its secretary;  (h) The name and address of the person or persons who executed the security.  The foregoing statement shall, in the case of protective committees organized after the date this act goes into effect, be accompanied by an application for permission to solicit the holders or owners to make deposit of the particular security under, and/or to procure the consent of holders or owners to the proposed protective committee agreement, and no such solicitation shall be made unless and until the application is granted by the commission. History: 1933, Act 89, Imd. Eff. May 25, 1933 ;-- CL 1948, 451.306
MI Comp L § 451.307 (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 89 of 1933 - Protective Committees (451.302 - 451.319)|Section 451.307 - Protective Committees; Solicitation of Security Holders; Fraud, Conditions, Limitation of Charges.

451.307 Protective committees; solicitation of security holders; fraud, conditions, limitation of charges. Sec. 7.  The right to solicit the deposit of securities by, and/or the consent to a protective committee agreement of, the holders or owners of securities in this state by protective committees organized after this act goes into effect shall not be granted by the commission in any case where it appears to the commission that such solicitation of deposit and/or consent would work a fraud, deception, or damage on the holders or owners of said securities. The commission may impose such conditions as it may determine to be necessary to safeguard the holders or owners of the particular security and said commission may also supervise the terms and provisions of the depository or protective committee agreement and may limit the compensation of, and the charges to be made against a depositing and/or consenting holder or owner, by the protective committee, which compensation shall include all expenses of said protective committee, its agents, and attorneys. History: 1933, Act 89, Imd. Eff. May 25, 1933 ;-- CL 1948, 451.307
MI Comp L § 451.308 (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 89 of 1933 - Protective Committees (451.302 - 451.319)|Section 451.308 - Protective Committees; Notice to Issuer of Security, Objections, Hearing.

451.308 Protective committees; notice to issuer of security, objections, hearing. Sec. 8.  Before said commission shall authorize a protective committee which is organized after this act goes into effect to solicit, either through its members or its employes, the deposit of securities and/or the consent of holders or owners of securities, it shall cause notice to be served by registered mail upon the person or persons who executed said security, advising said person or persons that an application for permission to solicit the deposit of the particular security and/or the consent of the holders or owners to a protective committee agreement has been filed with said commission and that if there are any objections to the granting of such application written objections thereto shall be filed with the commission within 15 days from the date of the receipt of said notice. The commission is hereby authorized and empowered for good cause shown to extend the time within which such written objections may be filed.  In the event that no written objections are filed with said commission by the person or persons who executed said security within 15 days from the date of the receipt of the aforesaid notice or within such further time as the commission may allow, said commission shall proceed promptly to dispose of said application.  In the event, however, that written objections are filed within proper time as aforesaid, the commission shall promptly serve notice upon the chairman and secretary of the protective committee and upon the person or persons who filed the written objections that a hearing of the matter will be had before the commission at a time and place designated by the commission. At such hearing there may be presented to the commission such testimony and evidence as bears upon the question whether the solicitation of the deposit of securities and/or the consent of holders or owners to the protective committee agreement would work a fraud, deception, or damage on the holders or owners of said security. After said hearing, the commission shall proceed promptly to dispose of said application. History: 1933, Act 89, Imd. Eff. May 25, 1933 ;-- CL 1948, 451.308
MI Comp L § 451.309 (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 89 of 1933 - Protective Committees (451.302 - 451.319)|Section 451.309 - Protective Committees; Records and Reports.

451.309 Protective committees; records and reports. Sec. 9.  Every protective committee now in existence or hereafter to be formed shall keep a written record of its meetings, doings and activities and it shall file with the commission at least as often as once each month a written report under oath of its meetings, doings and activities for the period preceding the date of the report. The report shall set forth the minutes of its meetings, all data as to negotiations with or in behalf of the holders or owners of the security with respect to which the protective committee was organized; the names and addresses of persons who have deposited their security and/or consented to the protective committee agreement, the total amount of the security which has been deposited and/or with respect to which consent to the protective agreement has been obtained, and such other or further facts pertinent to its activity. Said commission may request any protective committee to supplement its reports from time to time with such information as the said commission may deem necessary or expedient. History: 1933, Act 89, Imd. Eff. May 25, 1933 ;-- CL 1948, 451.309
MI Comp L § 451.310 (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 89 of 1933 - Protective Committees (451.302 - 451.319)|Section 451.310 - Protective Committees; Authority to Take Action.

451.310 Protective committees; authority to take action. Sec. 10.  No protective committee, either now in existence or hereafter to be organized, shall take or authorize the taking of any action by suit or otherwise, against the property and/or business with respect to which a security was issued and/or against any person or persons liable or obligated in connection with said property or security, or consent to or approve of any plan, agreement, sale or exchange with respect to such security and/or property, unless the authority so to do has been conferred upon the protective committee by the commission.  Any committee desiring to obtain such authority shall file with the commission an application therefor; which application shall set forth the proposed action, plan, agreement, sale or exchange. Thereupon the commission shall enter an order appointing a time and place for a hearing before the commission upon said application and upon the fairness of the terms and conditions of the proposed action, plan, agreement, sale or exchange, and providing for the giving of notice of said hearing, either by mail or by publication, or both, as the commission shall determine, to all holders or owners of said securities, and to all persons to whom it is proposed to issue securities in exchange for 1 or more bona fide outstanding securities, claims or property interests, or partly in such exchange and partly for cash. Any interested party, including all persons to whom it is proposed to issue securities in such exchange, shall have the right to appear at said hearing and to be heard.  The commission shall have the authority to approve said application, if satisfied that said action, plan, agreement, sale or exchange will not work a fraud, deception or damage upon the holders or owners of the securities affected thereby. If it is proposed to issue any security in exchange for 1 or more bona fide outstanding securities, claims or property interests, or partly in such exchange and partly for cash, authority to make, consent to or approve of such exchange shall not be granted unless, after such hearing, the fairness of the terms and conditions of such exchange are approved by the commission. History: 1933, Act 89, Imd. Eff. May 25, 1933 ;-- Am. 1935, Act 218, Imd. Eff. June 8, 1935 ;-- Am. 1943, Act 149, Imd. Eff. Apr. 14, 1943 ;-- CL 1948, 451.310