2006 Michigan Compiled Laws - Mich. Comp. Laws § 399.112 Receiving and holding real or personal property in trust for state; disposition of money or other personal property; state historic site fund; use and expenditure of proceeds.

HISTORIC SITES (EXCERPT)
Act 69 of 1976


399.112 Receiving and holding real or personal property in trust for state; disposition of money or other personal property; state historic site fund; use and expenditure of proceeds.

Sec. 2.

The department of history, arts, and libraries may receive and hold in trust for the state a grant or devise of land or rights in land and a gift or bequest of money or other nonhistoric personal property made for the purposes of this act. If money or other personal property is received, the property shall be appraised at current market value and be turned over to the state treasurer who shall preserve and invest all money and property received as provided by law. The invested funds shall be known as the state historic site fund and the proceeds shall be used and expended under the direction of the department of history, arts, and libraries to carry out the purposes of this act.


History: 1976, Act 69, Imd. Eff. Apr. 5, 1976 ;-- Am. 1978, Act 509, Imd. Eff. Dec. 15, 1978 ;-- Am. 2001, Act 73, Imd. Eff. July 24, 2001



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