Michigan § 555.106 Common trust funds; participation; certificate.

Michigan Statutes

§ 555.106 — Common trust funds; participation; certificate.

Michigan § 555.106

Ch. 555USES AND TRUSTS

Act 174 of 1941COLLECTIVE INVESTMENT FUNDS ACT (555.101-555.113)

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Bluebook

Mich. Comp. Laws § 555.106 (2026).

Text

COLLECTIVE INVESTMENT FUNDS ACT (EXCERPT) Act 174 of 1941 555.106 Common trust funds; participation; certificate. Sec. 6.

(1)A financial institution administering a fund shall not issue a certificate or other document representing a direct or indirect interest in the fund, except to provide a withdrawing account with a record of an interest in a segregated investment.

(2)An account owning or holding an investment or participation in a fund has a proportionate undivided interest in the fund's assets. The account does not have individual ownership of any asset in the fund.

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COLLECTIVE INVESTMENT FUNDS ACT (EXCERPT) Act 174 of 1941 555.106 Common trust funds; participation; certificate. Sec. 6. (1) A financial institution administering a fund shall not issue a certificate or other document representing a direct or indirect interest in the fund, except to provide a withdrawing account with a record of an interest in a segregated investment. (2) An account owning or holding an investment or participation in a fund has a proportionate undivided interest in the fund's assets. The account does not have individual ownership of any asset in the fund.