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2023 Michigan Compiled Laws
Chapter 451 - Securities, Real Estate, and Debt Management
Act 87 of 2009 - Uniform Prudent Management of Institutional Funds Act (451.921 - 451.931)
AN ACT to establish duties and obligations of nonprofit, charitable institutions in the management and use of funds held for charitable purposes; and to repeal acts and parts of acts.
History: 2009, Act 87, Imd. Eff. Sept. 10, 2009
- Section 451.921 - Short Title.
- Section 451.922 - Definitions.
- Section 451.923 - Institutional Fund; Managing and Investing; Considerations; Requirements; Pooling 2 or More Funds; Rules for Managing and Investing.
- Section 451.924 - Endowment Fund Assets; Appropriation or Accumulation; Determination; Limitation; Designation.
- Section 451.925 - Management and Investment; Delegation to External Agent; Duty to Exercise Reasonable Care; Liability; Delegation to Committees, Officers, or Employees.
- Section 451.926 - Release or Modification of Restriction.
- Section 451.927 - Compliance With Act; Existing Facts and Circumstances.
- Section 451.928 - Applicability of Act.
- Section 451.929 - Electronic Signatures.
- Section 451.930 - Uniformity of Law.
- Section 451.931 - Applicability; Scope.
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