Michigan Compiled Laws § 38.1056 Undivided Interest In Assets Of System.

38.1056 Undivided interest in assets of system.

Sec. 56.

The assets of the system shall be invested as one fund, and no particular person, group of persons or entity shall have any right in any specific security or property, or in any item of cash other than an undivided interest in the whole as specified in the provisions of this act as it now exists or is subsequently amended.

History: 1957, Act 261, Eff. Sept. 27, 1957

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Last modified: October 10, 2016