2010 Michigan Compiled Laws
Chapter 38 - CIVIL SERVICE AND RETIREMENT
Act 314 of 1965 - PUBLIC EMPLOYEE RETIREMENT SYSTEM INVESTMENT ACT (38.1121 - 38.1140m)
Section 38.1140k - Investment in foreign securities.
PUBLIC EMPLOYEE RETIREMENT SYSTEM INVESTMENT ACT (EXCERPT)Act 314 of 1965
38.1140k Investment in foreign securities.
Sec. 20k.
(1) Notwithstanding a percentage of total assets limitation for an investment provided in any other section of this act, an investment fiduciary may invest not more than 20% of a system's assets in foreign securities. Except as otherwise provided in this act, an investment fiduciary shall not do any of the following:
(a) Invest in more than 5% of the outstanding foreign securities of any 1 issuer.
(b) Invest more than 5% of a system's assets in the foreign securities of any 1 issuer.
(2) Investments in foreign securities under this section shall be made only by investment fiduciaries described in section 13(8) who have demonstrated expertise in investments of that type.
History: Add. 1996, Act 485, Imd. Eff. Dec. 27, 1996
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