Section 555.104 – Funds; Establishment and Maintenance of Plan; Provisions; Availability for Inspection.
555.104 Funds; establishment and maintenance of plan; provisions; availability for inspection. Sec. 4. (1) A financial institution shall establish and maintain a fund in accordance with a written plan approved by resolution of the board of directors of the financial institution or by a committee authorized by the board. The plan shall contain full and […]
Section 555.104a – Audit; Financial Report; Contents; Items to Be Excluded From Report; Availability; Advertising Common Trust Fund.
555.104a Audit; financial report; contents; items to be excluded from report; availability; advertising common trust fund. Sec. 4a. (1) At least once during each 12-month period, a financial institution administering a fund shall arrange for an audit of the fund by auditors responsible only to the board of directors of the financial institution. (2) At […]
Section 555.105 – Common Trust Funds; Funds Investment.
555.105 Common trust funds; funds investment. Sec. 5. A financial institution may invest and reinvest the assets of a fund in accordance with the plan for that fund. History: 1941, Act 174, Eff. Jan. 10, 1942 ;– CL 1948, 555.105 ;– Am. 2004, Act 586, Imd. Eff. Jan. 4, 2005 Popular Name: Common Trust Fund […]
Section 555.101 – Short Title; Definitions.
555.101 Short title; definitions. Sec. 1. (1) This act shall be known and may be cited as the “collective investment funds act”. (2) As used in this act: (a) “Collective investment fund” means a fund maintained by a financial institution or by 1 or more affiliated financial institutions that consists solely of assets of retirement, […]
Section 555.102 – Funds; Financial Institution May Establish, Maintain, and Administer.
555.102 Funds; financial institution may establish, maintain, and administer. Sec. 2. A financial institution may establish, maintain, and administer 1 or more funds. History: 1941, Act 174, Eff. Jan. 10, 1942 ;– CL 1948, 555.102 ;– Am. 2004, Act 586, Imd. Eff. Jan. 4, 2005 Popular Name: Common Trust Fund Act