Sec. 7.
(1) An employee of the institute or a group composed in whole or in part of employees of the institute may bid on or make a proposal to acquire the assets and enter into 1 or more agreements related to the conveyance of all or a portion of the assets to the employee or group.
(2) When acting with the knowledge or upon the direction of the commission or in entering into an agreement to accept employment with a potential acquirer of the assets, an employee of the institute shall not be considered to have violated Act No. 196 of the Public Acts of 1973, being sections 15.341 to 15.348 of the Michigan Compiled Laws, if the employee provided written notice to the commission of the proposed employment agreement and the terms of that agreement before its execution.
History: 1996, Act 522, Imd. Eff. Jan. 13, 1997
Structure Michigan Compiled Laws
Act 522 of 1996 - The Michigan Biologic Products Institute Transfer Act (333.26331 - 333.26340)
Section 333.26331 - Short Title.
Section 333.26332 - Legislative Findings and Declarations.
Section 333.26333 - Definitions.
Section 333.26334 - Michigan Biologic Products Commission; Conveyance of Assets; Powers and Rights.
Section 333.26335 - State Administrative Board; Powers and Duties.
Section 333.26336b - Total State Spending; Spending to Local Units of Government.
Section 333.26336c - Contingency Funds.
Section 333.26338 - Conveyance of Assets; Liens, Claims, or Interests.