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Michigan Compiled Laws Complete Through PA 357 & includes Initiated Law 1 of 2018
House: Adjourned until Tuesday, December 11, 2018 10:00:00 AM
Senate: Adjourned until Tuesday, December 11, 2018 10:00:00 AM

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Act 87 of 2009
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UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT

Act 87 of 2009

AN ACT to establish duties and obligations of nonprofit, charitable institutions in the management and use of funds held for charitable purposes; and to repeal acts and parts of acts.


History: 2009, Act 87, Imd. Eff. Sept. 10, 2009


© 2017 Legislative Council, State of Michigan

The People of the State of Michigan enact:

DocumentTypeDescription
Section 451.921SectionShort title.
Section 451.922SectionDefinitions.
Section 451.923SectionInstitutional fund; managing and investing; considerations; requirements; pooling 2 or more funds; rules for managing and investing.
Section 451.924SectionEndowment fund assets; appropriation or accumulation; determination; limitation; designation.
Section 451.925SectionManagement and investment; delegation to external agent; duty to exercise reasonable care; liability; delegation to committees, officers, or employees.
Section 451.926SectionRelease or modification of restriction.
Section 451.927SectionCompliance with act; existing facts and circumstances.
Section 451.928SectionApplicability of act.
Section 451.929SectionElectronic signatures.
Section 451.930SectionUniformity of law.
Section 451.931SectionApplicability; scope.
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