Michigan § 125.2061 - Definitions.
Full text of Michigan Michigan Compiled Laws § 125.2061 — Definitions., with citation guidance and answers to common questions.
§ 125.2061. Definitions.
As used in this chapter:
"MESBIC" means a small business investment company licensed under section 301(d) of the small business investment act of 1958, 15 U.S.C. 681(d).
"Minority" means a person who is black, hispanic, oriental, eskimo, or an American Indian.
"Minority owned business" means a business which is at least 50% owned, controlled, and managed by minorities.
"Minority venture capital company" means a business which makes investments solely in minority owned businesses.
"Venture capital investment" means any of the following investments in a business:
Common or preferred stock and equity securities without a repurchase requirement for at least 5 years.
A right to purchase stock or equity securities.
Any debenture or loan, whether or not convertible or having stock purchase rights, which are subordinated, together with security interests against the assets of the borrower, by their terms to all borrowings of the borrower from other institutional lenders, and that is for a term of not less than 3 years, and that has no part amortized during the first 3 years.
General or limited partnership interests.
Frequently Asked Questions About Michigan § 125.2061
What does Michigan Compiled Laws § 125.2061 cover?
Section 125.2061 ("Definitions.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Michigan § 125.2061?
A common citation format is "Michigan Compiled Laws § 125.2061" (Michigan). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 125.2061 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Michigan.