Michigan § 125.2245 - Delegation of certain acts; fund manager as fiduciary; evaluation of business and industry for investment purposes.
Full text of Michigan Michigan Compiled Laws § 125.2245 — Delegation of certain acts; fund manager as fiduciary; evaluation of business and industry for investment purposes., with citation guidance and answers to common questions.
§ 125.2245. Delegation of certain acts; fund manager as fiduciary; evaluation of business and industry for investment purposes.
(1) Except as otherwise provided in this act, in the nonprofit corporation act, 1982 PA 162, MCL 450.2101 to 450.3192, by law, or in its articles of incorporation, a Michigan early stage venture investment corporation may do or delegate any act consistent with this act and the purposes of the nonprofit corporation, including, but not limited to, the following:
(a) Enter into contracts and all necessary activities in the regular course of business of the Michigan early stage venture investment corporation.
(b) Charge reasonable fees for the implementation of this act and the ongoing operation of the Michigan early stage venture investment corporation.
(c) Perform acts or enter into financial or other transactions necessary to carry out its powers and duties under this act.
(d) Invest in venture capital funds through equity securities.
(e) Employ fund managers and other persons it considers necessary to implement this act.
(2) The fund manager shall exercise the duties of a fiduciary toward the corporation and shall discharge his or her duties with the degree of diligence, care, and skill that an ordinarily prudent person would exercise under the same or similar circumstances in a like position.
(3) Except as otherwise provided in section 19(4), the fund manager shall solicit investors pursuant to section 17.
(4) The Michigan early stage venture investment corporation shall require the fund manager to develop procedures to evaluate types of business and industry for investment purposes and to set priorities as to which businesses are most likely to meet the desired outcomes of the investment plan established under section 19 and which businesses conduct activities that are consistent with the purposes of this act and of the fund. This evaluation shall include, but not be limited to, the location of the firm and the direct and indirect impact of the business on the economic development of this state.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 125.2245
What does Michigan Compiled Laws § 125.2245 cover?
Section 125.2245 ("Delegation of certain acts; fund manager as fiduciary; evaluation of business and industry for investment purposes.") 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 § 125.2245?
A common citation format is "Michigan Compiled Laws § 125.2245" (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 § 125.2245 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.