Mich. Comp. Laws § 129.111
Short title.
This act shall be known and may be cited as the "surplus funds investment pool act".
Michigan Compiled Laws — SURPLUS FUNDS INVESTMENT POOL ACT (Act 367 of 1982)
Michigan · statute · 367 of 1982, Mich. Comp. Laws · 8 active provisions
Mich. Comp. Laws § 129.112
Definitions.
(1) As used in this act: (a) "Depository" means that department of the financial institution which is responsible for managing, investing, and reinvesting funds placed in an investment pool. (b) "Financial institution" means a state or nationally chartered bank or a state or federally chartered savings and loan associa…
Mich. Comp. Laws § 129.113
Placing surplus funds in investment pool; contract with financial institution.
The governing body of a local unit may enter into a contract with a financial institution to place surplus funds in an investment pool.
Mich. Comp. Laws § 129.114
Contract between financial institution and local unit; required provisions.
Before surplus funds are placed in an investment pool, the financial institution and the local unit shall enter into a written contract which shall include, at a minimum, the following provisions: (a) The minimum amount of money which may be deposited in the investment pool. (b) The procedure for the deposit and withdr…
Mich. Comp. Laws § 129.115
Maintaining separate account for each participant; monthly statement of transactions; report.
The depository shall maintain for each participant a separate account designated by the participant's name and number. Each account shall show the deposits, earnings, and withdrawals of, and any fees paid by, the participant. Each participant shall receive a monthly statement of transactions and, upon request, shall be…
Mich. Comp. Laws § 129.116
Powers and duties of depository.
(1) The depository shall manage, invest, and reinvest the money in an investment pool on behalf of each participant. Subject to the scope of investments allowed by subsection (2), a depository may combine money in an investment pool with other funds the depository may have available for investment. (2) The depository m…
Mich. Comp. Laws § 129.117
Default in payment of principal, interest, or other income; remedies of depository.
If a default occurs in the payment of principal, interest, or other income of an investment pool, the depository shall pursue all remedies available to it at law or in equity.
Mich. Comp. Laws § 129.118
Act as additional authority for investment of surplus funds.
This act shall be considered to provide authority for the investment of surplus funds of a local unit in addition to the authority granted under Act No. 20 of the Public Acts of 1943, as amended, being sections 129.91 to 129.93 of the Michigan Compiled Laws.