MCL - Act 296 of 2003

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MICHIGAN EARLY STAGE VENTURE INVESTMENT ACT OF 2003

Act 296 of 2003

AN ACT to promote investment in certain businesses; to promote economic development in this state; to provide for a Michigan early stage venture investment corporation; to prescribe the powers and duties of a Michigan early stage venture investment corporation; to prescribe the powers and duties of certain public officers and departments; to establish the Michigan early stage venture investment fund and other funds; to provide for tax credits and incentives; to authorize certain investments; to provide for the expiration of the fund; to provide or allow for appropriations; and to provide penalties and remedies.


History: 2003, Act 296, Imd. Eff. Jan. 8, 2004




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