Violation of Order; Exceptions - Mich. Comp. Laws Section 487.2060k
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Michigan Laws > Financial Institutions > Violation of Order; Exceptions - Mich. Comp. Laws Section 487.2060k
487.2060k Violation of order; exceptions.
Sec. 10k.
A control person who is subject to an order issued under section 10g(6) and who meets all of the following requirements is not in violation of the order:
(a) The control person shall not in any manner, directly or indirectly, participate in the control of a licensee after the date the order is issued.
(b) The control person shall within 6 months after the date the order is final transfer any interest the control person owns in a licensee to an unrelated third party.
History: Add. 2002, Act 390, Imd. Eff. May 30, 2002
Section: 487.2060d 487.2060e 487.2060f 487.2060g 487.2060h 487.2060i 487.2060j 487.2060k 487.2061 487.2062 487.2064 487.2065 487.2066 487.2066a 487.2066b
Last modified: March 17, 2013
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