2010 Michigan Compiled Laws
Chapter 125 - PLANNING, HOUSING, AND ZONING
Act 296 of 2003 - MICHIGAN EARLY STAGE VENTURE INVESTMENT ACT OF 2003 (125.2231 - 125.2263)

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

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