Michigan § 125.2237 - Articles of incorporation; contents.

The articles of incorporation of a Michigan early stage venture investment corporation must contain all of the following:

(a) The purposes of the corporation, which must include, but are not limited to, all of the following:

(i) To operate and act exclusively for charitable purposes with the intent to lessen the financial burdens of the government of this state.

(ii) To receive and administer funds for the charitable purposes under subparagraph (i).

(iii) To raise capital and invest that capital in venture capital firms with the intent of benefiting Michigan's seed or early stage businesses.

(iv) To promote the economic health of this state by assisting in the creation of new jobs, new businesses, and new industries within this state and through the investment in certain businesses.

(v) To enter into an agreement with this state to promote the economic health of this state.

(b) A provision that the Michigan early stage venture investment corporation must be governed by a board of directors that complies with the requirements in section 13.

(c) A provision that provides for all of the following:

(i) If, on June 30, 2024, a Michigan early stage venture investment corporation has 1 or more Michigan early stage venture investment funds with realized earned returns on investments as of June 30, 2024, the board of the Michigan early stage venture investment corporation shall enter into an agreement with the department of treasury to distribute to the state treasurer $60,000,000.00 of the earned returns for deposit in the 21st century jobs trust fund established in section 7 of the Michigan trust fund act, 2000 PA 489, MCL 12.257, and the remainder of the earned returns for deposit in the general fund of this state.

(ii) For each year after December 31, 2024, if a Michigan early stage venture investment corporation has 1 or more Michigan early stage venture investment funds with realized earned returns on investments as of June 30 of that year, the board of the Michigan early stage venture investment corporation shall enter into an agreement with the department of treasury to distribute the earned returns as of June 30 of that year to the state treasurer for deposit in the general fund of this state.

(iii) On dissolution of the Michigan early stage venture investment corporation, the property remaining after providing for debts and obligations of the Michigan early stage venture investment corporation must be deposited in the general fund of this state. For purposes of this subdivision, property remaining after providing for debts and obligations does not include grants, appropriations, or other restricted funds that must be distributed as required by the source of those funds.