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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:
Section 451.921 Section Short title.
Section 451.922 Section Definitions.
Section 451.923 Section Institutional fund; managing and investing; considerations; requirements; pooling 2 or more funds; rules for managing and investing.
Section 451.924 Section Endowment fund assets; appropriation or accumulation; determination; limitation; designation.
Section 451.925 Section Management and investment; delegation to external agent; duty to exercise reasonable care; liability; delegation to committees, officers, or employees.
Section 451.926 Section Release or modification of restriction.
Section 451.927 Section Compliance with act; existing facts and circumstances.
Section 451.928 Section Applicability of act.
Section 451.929 Section Electronic signatures.
Section 451.930 Section Uniformity of law.
Section 451.931 Section Applicability; scope.