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2006 Michigan Compiled Laws - Act 296 of 2003


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:

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

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