Michigan Laws 555.104 – Funds; establishment and maintenance of plan; provisions; availability for inspection
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Terms Used In Michigan Laws 555.104
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Financial institution: means any of the following:
(i) A state bank, national bank, state or federally chartered savings and loan association or savings bank that is authorized to act in a fiduciary capacity in this state. See Michigan Laws 555.101Fund: means a common trust fund or a collective investment fund. See Michigan Laws 555.101 person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l Plan: means the written plan for a fund described in section 4. See Michigan Laws 555.101
(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 detailed provisions as to the manner in which the financial institution will operate the fund, including, but not limited to, provisions relating to all of the following:
(a) The investment powers and policies with respect to the fund.
(b) The allocation of income, profits, and losses.
(c) The fees and expenses that the financial institution will charge to the fund and to participating accounts.
(d) The terms and conditions governing the admission and withdrawal of participating accounts.
(e) Audits of participating accounts.
(f) The basis and method of valuing assets in the fund.
(g) The expected frequency of income distribution from the fund to participating accounts.
(h) The minimum frequency of valuation of fund assets.
(i) The period of time following a valuation date in which a valuation of fund assets must be made.
(j) The bases upon which the financial institution may terminate the funds.
(k) Any other matters necessary to define clearly the rights of participating accounts.
(2) A financial institution shall make a copy of a written plan described in subsection (1) available at its principal office for inspection during all regular business hours and shall provide a copy of the plan to any person who requests it.