2006 Michigan Compiled Laws - Act 367 of 1982


Act 367 of 1982

AN ACT relative to the investment of surplus funds of local units of government of this state in investment pools; to permit the establishment of investment pools by financial institutions; to permit local units of government to invest in investment pools; and to prescribe certain powers and duties of certain local units of government and their officers.

History: 1982, Act 367, Eff. Mar. 30, 1983

The People of the State of Michigan enact:

Section 129.111Short title.
Section 129.112Definitions.
Section 129.113Placing surplus funds in investment pool; contract with financial institution.
Section 129.114Contract between financial institution and local unit; required provisions.
Section 129.115Maintaining separate account for each participant; monthly statement of transactions; report.
Section 129.116Powers and duties of depository.
Section 129.117Default in payment of principal, interest, or other income; remedies of depository.
Section 129.118Act as additional authority for investment of surplus funds.

Disclaimer: These codes may not be the most recent version. Michigan may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.