PUBLIC EMPLOYEE RETIREMENT SYSTEM INVESTMENT ACT (EXCERPT)
Act 314 of 1965
38.1135 Investment in investment companies.
An investment fiduciary may invest in investment companies registered under the investment company act of 1940, 15 USC 80a-1 to 80a-64. The management company of the investment company shall have been in operation for at least 5 years and shall have assets under management of more than $500,000,000.00. An investment company may be established as a limited partnership, corporation, limited liability company, trust, or other organizational entity for which the liability of an investor does not exceed the amount of the investment under the laws of the United States or the applicable laws of the state, district, territory, or foreign country under which the investment company was established. An investment in an investment company shall be considered an investment in the underlying assets for all purposes under this act.
History: Add. 1982, Act 55, Imd. Eff. Apr. 6, 1982
Am. 1996, Act 485, Imd. Eff. Dec. 27, 1996
Am. 2012, Act 347, Eff. Mar. 28, 2013
© 2009 Legislative Council, State of Michigan