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2006 Michigan Compiled Laws - Act 20 of 1943


INVESTMENT OF SURPLUS FUNDS OF POLITICAL SUBDIVISIONS

Act 20 of 1943

AN ACT relative to the investment of funds of public corporations of the state; and to validate certain investments.


History: 1943, Act 20, Imd. Eff. Mar. 13, 1943 ;--Am. 1988, Act 285, Imd. Eff. Aug. 1, 1988 ;--Am. 1997, Act 196, Imd. Eff. Dec. 30, 1997




The People of the State of Michigan enact:

DocumentDescription
Section 129.91Investment of funds of public corporations; eligible depository; secured deposits; limitation on acceptable assets; "financial institution" defined; additional definitions.
Section 129.92Repealed. 1997, Act 196, Imd. Eff. Dec. 30, 1997.
Section 129.93Existing investments ratified and validated.
Section 129.94Funds accumulated under eligible deferred compensation plan; deposit; investment; existing investments ratified and validated.
Section 129.95Investment policy; adoption by governing body.
Section 129.96Execution of order to purchase or trade funds of public corporation; providing copy of investment policy; public corporation subject to subsection (1); report.

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