Michigan Compiled Laws § 500.7028 Duties Of Trustees; Limitation On Liability Of Trustee.

500.7028 Duties of trustees; limitation on liability of trustee.

Sec. 7028.

The trustees of a MEWA shall give the attention and exercise the vigilance, diligence, care, and skill that prudent persons use in like or similar circumstances. Trustees shall be responsible for all operations of the MEWA and shall take all necessary precautions to safeguard the assets of the MEWA. No trustee shall be held liable for any delinquency under this section after 6 years from the date of the delinquency, or after 2 years from the time when the delinquency is discovered by a person complaining of the delinquency, whichever occurs sooner.

History: Add. 1986, Act 121, Eff. July 1, 1986
Popular Name: Act 218

Section: Previous  500.7012  500.7014  500.7018  500.7020  500.7022  500.7024  500.7026  500.7028  500.7030  500.7032  500.7034  500.7040  500.7044  500.7050  500.7060  Next

Last modified: October 10, 2016