MCL - Act 174 of 1941


Act 174 of 1941

AN ACT to authorize the establishment and the maintenance of common trust funds and collective investment funds; to authorize investments or participations in those funds; to define the requirements and terms of those funds, the conditions and terms governing investments or participations in those funds, and the admission and withdrawal of those investments or participations; to prescribe and define the rights, powers, and duties of banks, trust companies, fiduciaries, participants, beneficiaries, and other persons with respect to common trust funds and collective investment funds; and to provide for the regulation and supervision of those funds.

History: 1941, Act 174, Eff. Jan. 10, 1942 ;-- Am. 2004, Act 586, Imd. Eff. Jan. 4, 2005
Popular Name: Common Trust Fund Act

The People of the State of Michigan enact:
Document Type Description
Section 555.101 Section Short title; definitions.
Section 555.102 Section Funds; financial institution may establish, maintain, and administer.
Section 555.103 Section Funds; financial institution may invest as fiduciary.
Section 555.104 Section Funds; establishment and maintenance of plan; provisions; availability for inspection.
Section 555.104a Section Audit; financial report; contents; items to be excluded from report; availability; advertising common trust fund.
Section 555.105 Section Common trust funds; funds investment.
Section 555.105a Section Interest in fund other than fiduciary; prohibition; restrictions.
Section 555.106 Section Common trust funds; participation; certificate.
Section 555.107 Section Common trust funds; management; control; ownership.
Section 555.108 Section Common trust funds; assets valuation; admission and withdrawal; basis; distribution.
Section 555.109 Section Common trust funds; management fee; expenses.
Section 555.110 Section Common trust funds; mistakes in administration; effect.
Section 555.111 Section Common trust funds; rules regulating administration.
Section 555.112 Section Common trust funds; additional investments.
Section 555.113 Section Common trust funds; court accountings; jurisdiction of probate court.