Sec. 29.
Not later than 1 year after the effective date of this act or 10 months after the Michigan early stage venture investment corporation receives a determination from the internal revenue service that it is exempt from taxation under section 501(c)(3) or 501(c)(4) of the internal revenue code, whichever occurs later, all of the following shall occur:
(a) The Michigan early stage venture investment corporation shall be established and the board appointed.
(b) A fund manager shall be hired by the Michigan early stage venture investment corporation.
(c) An investment plan shall be established.
(d) Funds shall have been solicited and available for investment consistent with the investment plan.
History: 2003, Act 296, Imd. Eff. Jan. 8, 2004
Structure 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)
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 125.2241 - Filing With State Treasurer; Exception.
Section 125.2243 - Board of Directors.
Section 125.2247 - Agreements With Investors; Modification of Existing Agreement.
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.