reglab/statecodes huggingface dataset:
2023 Michigan Compiled Laws › Chapter 450 - Corporations › Act 23 of 1993 - Michigan Limited Liability Company Act (450.4101 - 450.5200) › Article 10 - (450.5001...450.5010) › Section 450.5008 - Activities Not Considered to Be Transacting Business in State; Applicability of Section to Other State Laws.

450.5008 Activities not considered to be transacting business in state; applicability of section to other state laws.
Sec. 1008.
(1) Without excluding other activities that may not constitute transacting business in this state, a foreign limited liability company is not considered to be transacting business in this state, for the purposes of this act, because it is carrying on in this state any 1 or more of the following activities:
(a) Maintaining, defending, or settling any proceeding.
(b) Holding meetings of its members or carrying on any other activities concerning its internal affairs.
(c) Maintaining bank accounts.
(d) Maintaining offices or agencies for the transfer, exchange, and registration of the foreign limited liability company's own securities or maintaining trustees or depositaries with respect to those securities.
(e) Selling through independent contractors.
(f) Soliciting or obtaining orders, whether by mail or through employees or agents or otherwise, if the orders require acceptance outside this state before they become contracts.
(g) Creating or acquiring indebtedness, mortgages, and security interests in real or personal property.
(h) Securing or collecting debts or enforcing mortgages and security interests in property securing the debts.
(i) Owning, without more, real or personal property.
(j) Conducting an isolated transaction that is completed within 30 days and that is not 1 in the course of repeated transactions of a like nature.
(k) Transacting business in interstate commerce.
(2) This section does not apply in determining the contacts or activities that may subject a foreign limited liability company to service of process or taxation in this state or to regulation under any other law of this state.
History:
1993, Act 23, Eff. June 1, 1993
2023 Michigan Compiled Laws › Chapter 450 - Corporations › Act 23 of 1993 - Michigan Limited Liability Company Act (450.4101 - 450.5200) › Article 10 - (450.5001...450.5010) › Section 450.5009 - Making or Purchasing Loans or Participation or Interest in Loans.

450.5009 Making or purchasing loans or participation or interest in loans.
Sec. 1009.
(1) A foreign limited liability company may acquire or, through another person entitled to transact business in this state, may make loans, or participations or interests in loans, insured or guaranteed in whole or in part by the federal housing administration or the veterans' administration or a successor or similar agency of the federal government, which are secured in whole or in part by mortgages of real property located in this state, and a foreign limited liability company may purchase a loan, or participation or interest in a loan, secured in whole or in part by a mortgage of real property located in this state, without maintaining authority to transact business in this state under this act or any other law of this state relating to the qualification or authority and without paying fees as required by law.
(2) Neither the failure of a foreign limited liability company to qualify or maintain authority to transact business in this state under this act or any other law of this state nor its failure to pay fees as required by law affects or impairs its ownership of the loans or participation or interests in the loans, whether made or acquired, or its right to collect and service the loans through another person entitled to transact business in this state, or its right to enforce the loans or to acquire, hold, protect, convey, lease, and otherwise contract and deal with respect to the property mortgaged as security.
History:
1993, Act 23, Eff. June 1, 1993
2023 Michigan Compiled Laws › Chapter 450 - Corporations › Act 23 of 1993 - Michigan Limited Liability Company Act (450.4101 - 450.5200) › Article 10 - (450.5001...450.5010) › Section 450.5010 - Maintaining Action to Restrain by Attorney General.

450.5010 Maintaining action to restrain by attorney general.
Sec. 1010.
The attorney general may maintain an action to restrain a foreign limited liability company transacting business in this state, with or without a certificate of authority, from any violation of this act.
History:
1993, Act 23, Eff. June 1, 1993
2023 Michigan Compiled Laws › Chapter 450 - Corporations › Act 23 of 1993 - Michigan Limited Liability Company Act (450.4101 - 450.5200) › Article 11 - (450.5101...450.5200) › Section 450.5102 - Effect of Actions by Legislature.

450.5102 Effect of actions by legislature.
Sec. 1102.
This act may be supplemented, altered, amended, or repealed by the legislature, and every limited liability company subject to this act is bound by the changes.
History:
1993, Act 23, Eff. June 1, 1993
2023 Michigan Compiled Laws › Chapter 450 - Corporations › Act 23 of 1993 - Michigan Limited Liability Company Act (450.4101 - 450.5200) › Article 11 - (450.5101...450.5200) › Section 450.5103 - Interest as Security.

450.5103 Interest as security.
Sec. 1103.
An interest in a limited liability company to which this act applies is a security to the same extent as an interest in a corporation, partnership, or limited partnership is a security.
History:
1993, Act 23, Eff. June 1, 1993
2023 Michigan Compiled Laws › Chapter 450 - Corporations › Act 23 of 1993 - Michigan Limited Liability Company Act (450.4101 - 450.5200) › Article 11 - (450.5101...450.5200) › Section 450.5200 - Effective Date.

450.5200 Effective date.
Sec. 1200.
This act shall take effect June 1, 1993.
History:
1993, Act 23, Eff. June 1, 1993
2023 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 451.1 - Michigan Corporation and Securities Commission; Creation; Commissioner, Term, Disqualification; Seal; Offices.

451.1 Michigan corporation and securities commission; creation; commissioner, term, disqualification; seal; offices.
Sec. 1.
A commission to be known and designated as the Michigan corporation and securities commission is hereby created. Immediately upon the taking effect of this act a corporation and securities commissioner shall be appointed by the governor for the term of 4 years, subject to confirmation by the senate. The said commissioner shall devote his entire time in the performance of the duties of his office. Upon the expiration of the said term a successor shall be appointed in like manner for a term of 4 years and until his successor is appointed and qualified. Vacancies shall be filled in the same manner as is provided for the appointment in the first instance. Said commissioner shall not be directly or indirectly interested in any corporation, firm or association engaged in the business of underwriting, issuing or selling securities of any character. The commission shall adopt and have a suitable seal, of which all courts of the state shall take judicial notice, and all proceedings, orders and decrees shall be authenticated thereby. It shall be the duty of the board of state auditors to provide suitable offices, supplies, and equipment in Lansing, Michigan, and in such other place or places in the state as may be determined upon by the commissioner and governor; expenses thereof to be audited, allowed and paid in such manner as is or may be provided by law for the payment of necessary state expenses.
History:
1935, Act 13, Eff. Sept. 21, 1935 ;-- CL 1948, 451.1
Compiler's Notes:
For transfer of powers and duties of the corporation and securities commission from the department of commerce to the director of the department of consumer and industry services, and abolishment of the commission, see E.R.O. No. 1996-2, compiled at MCL 445.2001 of the Michigan Compiled Laws.
2023 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
2023 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
2023 Michigan Compiled Laws › Chapter 451 - Securities, Real Estate, and Debt Management › Repealed - Act 220 of 1923 - Blue Sky Law (451.101 - 451.133)

BLUE SKY LAW
Act 220 of 1923
451.101-451.133 Repealed. 1964, Act 265, Eff. Jan. 1, 1965.
2023 Michigan Compiled Laws › Chapter 451 - Securities, Real Estate, and Debt Management › Repealed - Act 306 of 1919 - Real Estate Brokers and Salesmen (451.201 - 451.219)

REAL ESTATE BROKERS AND SALESMEN
Act 306 of 1919
451.201-451.219 Repealed. 1980, Act 299, Imd. Eff. Oct. 21, 1980.
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 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
2023 Michigan Compiled Laws › Chapter 451 - Securities, Real Estate, and Debt Management › Act 89 of 1933 - Protective Committees (451.302 - 451.319) › Section 451.311 - Public Trust Commission; Investigations, Audits and Appraisals.

451.311 Public trust commission; investigations, audits and appraisals.
Sec. 11.
The said commission is authorized and empowered to make investigations, audits, or appraisals relative to or in connection with the property and/or business located in this state with respect to which the security for the protection of which a protective committee has been organized. The said commission is authorized to act for and in behalf of the holders or owners of defaulted mortgage securities by acting as custodian, and is hereby authorized to appoint custodians of defaulted mortgage property and to have supervision of defaulted bonds, notes, debentures, and any other instruments of like character used to evidence indebtedness secured by mortgage. All books, records and documents of the commission whether filed with it or prepared by it shall be open to the public.
History:
1933, Act 89, Imd. Eff. May 25, 1933 ;-- Am. 1935, Act 218, Imd. Eff. June 8, 1935 ;-- CL 1948, 451.311
2023 Michigan Compiled Laws › Chapter 451 - Securities, Real Estate, and Debt Management › Act 89 of 1933 - Protective Committees (451.302 - 451.319) › Section 451.312 - Public Trust Commission; Subpoenas, Oaths, Records.

451.312 Public trust commission; subpoenas, oaths, records.
Sec. 12.
The said commission is authorized and empowered to issue subpoenas to compel the attendance of witnesses and to compel the production of books, records and documents in connection with any investigation, hearing, or other matter pending before the board, to issue process to compel such attendance and production. Each member shall be authorized to swear witnesses and administer oaths in any matter coming before him or the commission. The commission shall keep records of its hearings, meetings and other activities. Any witness who refuses to obey a subpoena or who refuses to be sworn or testify, or who fails to produce any papers, books or documents touching any matter under investigation, or any witness, party or attorney who is guilty of any contempt while in attendance at any hearing held under this act may be punished as for contempt of court; and for this purpose an application may be made to any circuit court within whose territorial jurisdiction the offense is committed, and for which purpose the court is hereby given jurisdiction.
History:
1933, Act 89, Imd. Eff. May 25, 1933 ;-- CL 1948, 451.312
2023 Michigan Compiled Laws › Chapter 451 - Securities, Real Estate, and Debt Management › Act 89 of 1933 - Protective Committees (451.302 - 451.319) › Section 451.313 - Public Trust Commission; Investigations; Costs; Audits and Appraisals.

451.313 Public trust commission; investigations; costs; audits and appraisals.
Sec. 13.
Any person interested in any security in connection with which a protective committee is organized may request the commission to make an investigation, audit, or appraisal and report with respect to the property or business to which the security pertains. However, before any investigation, audit, or appraisal and report is made by the commission upon such a request, the person so requesting shall, if required by the commission, deposit with the commission the sum of money that the commission considers necessary to meet the cost of the investigation, audit, or appraisal and report. If the deposit is insufficient to defray the cost of the investigation, audit, or appraisal and report, the commission may request further deposits as a condition of the continuance by it of its investigation, audit, or appraisal and report. All money so deposited shall be deposited by the commission in the state treasury in a special fund and disbursements from that fund shall be upon the warrant drawn on the state treasurer, and any disbursements shall be for the purposes for which the money is paid. Any excess over and above the cost of the requested investigation, audit, or appraisal and report shall be returned to the person who made the deposit.
History:
1933, Act 89, Imd. Eff. May 25, 1933 ;-- CL 1948, 451.313 ;-- Am. 2002, Act 104, Imd. Eff. Mar. 27, 2002
2023 Michigan Compiled Laws › Chapter 451 - Securities, Real Estate, and Debt Management › Act 89 of 1933 - Protective Committees (451.302 - 451.319) › Section 451.315 - Public Trust Commission; Suspension of Orders, Grounds, Procedure.

451.315 Public trust commission; suspension of orders, grounds, procedure.
Sec. 15.
The commission may temporarily suspend any of its orders when it appears to such commission that the terms of an order have been or are about to be violated but no such suspension order shall be effective for longer than 10 days unless the commission shall within such time serve notice upon the persons affected of the reason therefor, and shall grant a hearing thereon at a date not more than 15 days from the date of the suspension order. After such hearing the commission may either withdraw its suspension order or make the order of suspension a permanent order of revocation in accordance with the evidence.
History:
1933, Act 89, Imd. Eff. May 25, 1933 ;-- CL 1948, 451.315
2023 Michigan Compiled Laws › Chapter 451 - Securities, Real Estate, and Debt Management › Act 89 of 1933 - Protective Committees (451.302 - 451.319) › Section 451.316 - Aggrieved Parties; Action in Circuit Court.

451.316 Aggrieved parties; action in circuit court.
Sec. 16.
Any person aggrieved by any order or action of the commission may apply to the circuit court of which such person is a resident or to the circuit court for Ingham county for any relief to which said person shall deem himself entitled, and in said suit the members of said commission shall be named as defendant and process may be served on the commission by serving any member thereof: Provided, That no injunction or other order shall issue suspending or staying any order or decree of said commission except after due notice to the commission and a reasonable opportunity for hearing thereon.
History:
1933, Act 89, Imd. Eff. May 25, 1933 ;-- CL 1948, 451.316
2023 Michigan Compiled Laws › Chapter 451 - Securities, Real Estate, and Debt Management › Act 89 of 1933 - Protective Committees (451.302 - 451.319) › Section 451.317 - Fiduciary's Relation to Security Holders; Reports of Purchases.

451.317 Fiduciary's relation to security holders; reports of purchases.
Sec. 17.
All mortgagors and all persons who are depositaries, solicitors, and members of protective committees shall be deemed to be in a fiduciary relationship to the holders or owners of the securities with respect to which they are mortgagors, depositaries, solicitors, and members of protective committees, respectively, whether or not such holders or owners have deposited their securities and/or consented to the protective committee agreement; and every purchase by a mortgagor, depositary, solicitor or member of a protective committee of securities with respect to which such purchaser is the mortgagor, depositary, solicitor or member of a protective committee, respectively, shall be forthwith disclosed in writing to the commission by such purchaser.
History:
1933, Act 89, Imd. Eff. May 25, 1933 ;-- Am. 1937, Act 212, Imd. Eff. July 21, 1937 ;-- CL 1948, 451.317
2023 Michigan Compiled Laws › Chapter 451 - Securities, Real Estate, and Debt Management › Act 89 of 1933 - Protective Committees (451.302 - 451.319) › Section 451.318 - Construction of Act; Severing Clause.

451.318 Construction of act; severing clause.
Sec. 18.
The provisions of this act shall be liberally construed to the end that the purposes thereof may be accomplished by preventing fraud, deception and damage on holders or owners of securities. Should any section or clause of this act be declared invalid by any court of last resort having jurisdiction in the premises, then such decision shall affect only the section or clause so declared to be invalid and shall not affect any other section or clause of this act.
History:
1933, Act 89, Imd. Eff. May 25, 1933 ;-- CL 1948, 451.318
2023 Michigan Compiled Laws › Chapter 451 - Securities, Real Estate, and Debt Management › Act 89 of 1933 - Protective Committees (451.302 - 451.319) › Section 451.318a - Bonds; Exception From Act; Securities Exempt From Blue Sky Law and Mortgage Tax Act.

451.318a Bonds; exception from act; securities exempt from blue sky law and mortgage tax act.
Sec. 18a.
The provisions of this act shall not be construed to apply to the bonds and other obligations issued by the United States government, by any state of the United States, or by any political subdivision thereof, or by any assessment district.
The exchange of securities for other securities, when such exchange has been approved by the commission, shall be exempt from the provisions of Act No. 220 of the Public Acts of 1923, as amended, and Act No. 91 of the Public Acts of 1911.
History:
Add. 1933, Act 205, Imd. Eff. June 28, 1933 ;-- CL 1948, 451.318a
Compiler's Notes:
Act 91 of 1911, referred to in this section, was repealed by Act 301 of 1939. Act 220 of 1923, also referred to in this section, was repealed by Act 265 of 1964.
2023 Michigan Compiled Laws › Chapter 451 - Securities, Real Estate, and Debt Management › Act 89 of 1933 - Protective Committees (451.302 - 451.319) › Section 451.319 - Violation of Act; Penalty.

451.319 Violation of act; penalty.
Sec. 19.
Any person violating any of the provisions of sections 3, 5, 6, 9, 10 and 17 shall be punished by a fine of not less than 500 dollars nor more than 5,000 dollars, together with costs of prosecution, or by imprisonment in the Michigan reformatory at Ionia, state prison or other penal institutions for not less than 6 months nor more than 2 years, or both such fine and imprisonment in the discretion of the court. The term "person" as is used in this section shall include an officer or employe of a corporation or a member or employe of a partnership who as such officer, employe or member is under duty to perform the act in respect to which the violation occurred.
History:
1933, Act 89, Imd. Eff. May 25, 1933 ;-- CL 1948, 451.319
2023 Michigan Compiled Laws › Chapter 451 - Securities, Real Estate, and Debt Management › Repealed - Act 208 of 1933 - Trust Mortgages and Bonds (451.351 - 451.365)

TRUST MORTGAGES AND BONDS
Act 208 of 1933
451.351-451.365 Repealed. 1964, Act 256, Eff. Aug. 28, 1964.
2023 Michigan Compiled Laws › Chapter 451 - Securities, Real Estate, and Debt Management › Act 210 of 1933 - Trust Mortgage Foreclosure (451.401 - 451.405) › Section 451.401 - Trust Mortgage Foreclosure; Definitions.

451.401 Trust mortgage foreclosure; definitions.
Sec. 1.
As used in this act:
The term "trust mortgage" means any trust mortgage, trust indenture or deed of trust given to secure bonds or other obligations issued and authenticated as therein set forth.
The term "trustee" means the trustee or trustees of any such "trust mortgage."
The term "bonds" means bonds or other obligations outstanding and secured by any such "trust mortgage."
The term "request" as used in sections 2 and 3 of this act means the written request filed by the trustee or holders of bonds for authorization of the trustee to bid for and acquire the mortgaged property as provided in section 2 of this act.
The term "non-concurring holder or holders" means such holder or holders as shall have filed written refusal to concur in said "request."
History:
1933, Act 210, Imd. Eff. July 3, 1933 ;-- CL 1948, 451.401
2023 Michigan Compiled Laws › Chapter 451 - Securities, Real Estate, and Debt Management › Act 210 of 1933 - Trust Mortgage Foreclosure (451.401 - 451.405) › Section 451.403 - Trust Mortgage Foreclosure; Payment to Non-Concurring Holders.

451.403 Trust mortgage foreclosure; payment to non-concurring holders.
Sec. 3.
The court may in its discretion provide in said order that such payment to non-concurring holders may be made in installments, or otherwise deferred for a period of time if the amount so deferred shall not exceed 25 per cent of the net amount of the bid: Provided, however, That the full pro rata to be paid said non-concurring holders hereunder shall, in any event, be made within 18 months from the entry of said order. The sum so deferred shall bear interest at the rate borne by said bonds. No personal obligation for such deferred payment shall be imposed upon the trustee but such deferred payment shall be secured upon the right, title and interest acquired by the trustee as a result of such acquisition and shall be enforced as herein provided. If payment to said non-concurring holders shall not be made as provided in said order, the court may, upon application of any non-concurring holder to whom such payment shall not have been made, order the trustee to sell the property so purchased by the trustee, or such part thereof as may be necessary, either at public or private sale after notice thereof shall have been given to all interested parties in such manner as the court shall direct, and out of the proceeds of said sale pay the sums due said non-concurring holders, the balance, if any, to belong to the beneficiaries of the trust hereafter provided for and to be held and dealt with by the trustee as the court shall direct.
History:
1933, Act 210, Imd. Eff. July 3, 1933 ;-- CL 1948, 451.403
2023 Michigan Compiled Laws › Chapter 451 - Securities, Real Estate, and Debt Management › Act 210 of 1933 - Trust Mortgage Foreclosure (451.401 - 451.405) › Section 451.405 - Construction and Application of Act; Severing Clause.

451.405 Construction and application of act; severing clause.
Sec. 5.
This act is intended to be remedial and to be liberally construed and to be supplemented by rule of court if necessary or expedient to the accomplishment or furtherance of the intents and purposes thereof. This act shall be applicable to and in all foreclosure proceedings of the nature aforesaid pending at the time of the coming into effect hereof in which the sale shall not then have been confirmed as well as to and in all such proceedings begun after the coming into effect hereof. If any provision hereof shall be found invalid or unenforceable the remaining provisions hereof shall not be affected thereby.
History:
1933, Act 210, Imd. Eff. July 3, 1933 ;-- CL 1948, 451.405
2023 Michigan Compiled Laws › Chapter 451 - Securities, Real Estate, and Debt Management › Act 148 of 1975 - Debt Management Act (451.411 - 451.437) › Section 451.411 - Short Title.

451.411 Short title.
Sec. 1.
This act shall be known as the "debt management act," and shall be broadly construed to effectuate its purpose of providing protection to the public.
History:
1975, Act 148, Eff. Mar. 31, 1976
Compiler's Notes:
For transfer of powers and duties of the corporation and securities bureau from the department of commerce to the director of the department of consumer and industry services, see E.R.O. No. 1996-2, compiled at MCL 445.2001 of the Michigan Compiled Laws.For transfer of statutory authority, powers, duties, and functions of the corporations, securities and land development bureau to the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.