2010 Michigan Compiled Laws
Chapter 555 - USES AND TRUSTS
Act 174 of 1941 - COLLECTIVE INVESTMENT FUNDS ACT (555.101 - 555.113)
Section 555.106 - Common trust funds; participation; certificate.
COLLECTIVE INVESTMENT FUNDS ACT (EXCERPT)Act 174 of 1941
555.106 Common trust funds; participation; certificate.
Sec. 6.
(1) A financial institution administering a fund shall not issue a certificate or other document representing a direct or indirect interest in the fund, except to provide a withdrawing account with a record of an interest in a segregated investment.
(2) An account owning or holding an investment or participation in a fund has a proportionate undivided interest in the fund's assets. The account does not have individual ownership of any asset in the fund.
History: 1941, Act 174, Eff. Jan. 10, 1942
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CL 1948, 555.106
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Am. 2004, Act 586, Imd. Eff. Jan. 4, 2005
Popular Name: Common Trust Fund Act
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