Michigan § 129.116 Powers and duties of depository.

Michigan Statutes

§ 129.116 — Powers and duties of depository.

Michigan § 129.116

Ch. 129PUBLIC FUNDS

Act 367 of 1982SURPLUS FUNDS INVESTMENT POOL ACT (129.111-129.118)

This text of Michigan § 129.116 (Powers and duties of depository.) is published on Counsel Stack Legal Research, covering Michigan primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mich. Comp. Laws § 129.116 (2026).

Text

SURPLUS FUNDS INVESTMENT POOL ACT (EXCERPT) Act 367 of 1982 129.116 Powers and duties of depository. Sec. 6.

(1)The depository shall manage, invest, and reinvest the money in an investment pool on behalf of each participant. Subject to the scope of investments allowed by subsection (2), a depository may combine money in an investment pool with other funds the depository may have available for investment.

(2)The depository may invest and reinvest the money in the investment pool only in the manner permitted in section 1 of Act No. 20 of the Public Acts of 1943, as amended, being section 129.91 of the Michigan Compiled Laws.

(3)The depository shall invest the money in the investment pool with the degree of judgment and care which a person of prudence, discretion, and intelligence exercise

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SURPLUS FUNDS INVESTMENT POOL ACT (EXCERPT) Act 367 of 1982 129.116 Powers and duties of depository. Sec. 6. (1) The depository shall manage, invest, and reinvest the money in an investment pool on behalf of each participant. Subject to the scope of investments allowed by subsection (2), a depository may combine money in an investment pool with other funds the depository may have available for investment. (2) The depository may invest and reinvest the money in the investment pool only in the manner permitted in section 1 of Act No. 20 of the Public Acts of 1943, as amended, being section 129.91 of the Michigan Compiled Laws. (3) The depository shall invest the money in the investment pool with the degree of judgment and care which a person of prudence, discretion, and intelligence exercises in the management of his or her own affairs, not for speculation, but for investment, considering the probable safety of his or her capital as well as the probable income to be derived from an investment of his or her capital.