500.920 Net earnings available for fixed charges; definition. Sec. 920. For the purposes of this chapter, the term 'net earnings available for fixed charges' means net income after deducting operating and maintenance expenses, taxes other than federal and state income taxes, depreciation and depletion, but excluding extraordinary nonrecurring items of income and expenses appearing in the regular financial statements of the issuing company. History: 1956, Act 218, Eff. Jan. 1, 1957 Popular Name: Act 218
Michigan Legal Code