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Michigan Legislature
Michigan Compiled Laws Complete Through PA 178 of 2019
House: Adjourned until Tuesday, January 21, 2020 1:30:00 PM
Senate: Adjourned until Tuesday, January 21, 2020 10:00:00 AM

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Act 174 of 1941
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Act 174 of 1941

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

© 2017 Legislative Council, State of Michigan

The People of the State of Michigan enact:

Section 555.101SectionShort title; definitions.
Section 555.102SectionFunds; financial institution may establish, maintain, and administer.
Section 555.103SectionFunds; financial institution may invest as fiduciary.
Section 555.104SectionFunds; establishment and maintenance of plan; provisions; availability for inspection.
Section 555.104aSectionAudit; financial report; contents; items to be excluded from report; availability; advertising common trust fund.
Section 555.105SectionCommon trust funds; funds investment.
Section 555.105aSectionInterest in fund other than fiduciary; prohibition; restrictions.
Section 555.106SectionCommon trust funds; participation; certificate.
Section 555.107SectionCommon trust funds; management; control; ownership.
Section 555.108SectionCommon trust funds; assets valuation; admission and withdrawal; basis; distribution.
Section 555.109SectionCommon trust funds; management fee; expenses.
Section 555.110SectionCommon trust funds; mistakes in administration; effect.
Section 555.111SectionCommon trust funds; rules regulating administration.
Section 555.112SectionCommon trust funds; additional investments.
Section 555.113SectionCommon trust funds; court accountings; jurisdiction of probate court.
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