Michigan Compiled Laws Act 174 Of 1941 Collective Investment Funds Act (555.101 - 555.113)

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

Section 555.101 Short Title; Definitions.
(1) This act shall be known and may be cited as the "collective investment funds act". (2) As used in this act: (a) "Collective...
Section 555.102 Funds; Financial Institution May Establish, Maintain, And Administer.
A financial institution may establish, maintain, and administer 1 or more funds. History: 1941, Act 174, Eff. Jan. 10, 1942 ;-- CL 1948, 555.102...
Section 555.103 Funds; Financial Institution May Invest As Fiduciary.
A financial institution in its capacity as a fiduciary or cofiduciary may invest funds that it lawfully holds for investment in that capacity in...
Section 555.104 Funds; Establishment And Maintenance Of Plan; Provisions; Availability For Inspection.
(1) A financial institution shall establish and maintain a fund in accordance with a written plan approved by resolution of the board of directors...
Section 555.104a Audit; Financial Report; Contents; Items To Be Excluded From Report; Availability; Advertising Common Trust Fund.
(1) At least once during each 12-month period, a financial institution administering a fund shall arrange for an audit of the fund by auditors...
Section 555.105 Common Trust Funds; Funds Investment.
A financial institution may invest and reinvest the assets of a fund in accordance with the plan for that fund. History: 1941, Act 174,...
Section 555.105a Interest In Fund Other Than Fiduciary; Prohibition; Restrictions.
(1) A financial institution administering a fund shall not have an interest in that fund other than in its fiduciary capacity. If, because of...
Section 555.106 Common Trust Funds; Participation; Certificate.
(1) A financial institution administering a fund shall not issue a certificate or other document representing a direct or indirect interest in the fund,...
Section 555.107 Common Trust Funds; Management; Control; Ownership.
A financial institution has exclusive management and control of a fund administered by it and the sole right at any time to sell, convert,...
Section 555.108 Common Trust Funds; Assets Valuation; Admission And Withdrawal; Basis; Distribution.
(1) A financial institution administering a fund that is not invested primarily in real estate or other assets that are not readily marketable shall...
Section 555.109 Common Trust Funds; Management Fee; Expenses.
(1) A financial institution administering a fund may charge a reasonable management fee that does not exceed an amount equal to the value of...
Section 555.110 Common Trust Funds; Mistakes In Administration; Effect.
A mistake made in good faith and in the exercise of due care in connection with the administration of a fund is not a...
Section 555.111 Common Trust Funds; Rules Regulating Administration.
The commissioner of the office of financial and insurance services may promulgate and enforce rules regulating the administration of funds under this act pursuant...
Section 555.112 Common Trust Funds; Additional Investments.
(1) In addition to investing assets in a fund, a financial institution may invest assets that it holds as fiduciary in any of the...
Section 555.113 Common Trust Funds; Court Accountings; Jurisdiction Of Probate Court.
Unless ordered by a court of competent jurisdiction, a financial institution administering a fund is not required to provide an accounting to a court...

Last modified: October 10, 2016