§ 129.91 Investment of funds of public corporation; eligible depository; secured deposits; funds limitation on acceptable assets; pooling or coordinating funds; written agreements; investment in certifica
§ 129.93 Existing investments ratified and validated
§ 129.94 Funds accumulated under eligible deferred compensation plan; deposit; investment; existing investments ratified and validated
§ 129.95 Investment policy; adoption by governing body
§ 129.96 Execution of order to purchase or trade funds of public corporation; providing copy of investment policy; public corporation subject to subsection (1); report
§ 129.97 Long-term or perpetual trust fund; investment of assets; resolution authorizing investment officer same authority as investment fiduciary under MCL 38.1132 to 38.1140m; conditions
§ 129.97a Investment of assets of special revenue fund by investment officer; resolution granting authority; annual special revenue fund report

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Terms Used In Michigan Laws > Chapter 129 > Act 20 of 1943 - Investment of Surplus Funds of Political Subdivisions

  • Adulterated: means food to which any of the following apply:
    (i) It bears or contains any poisonous or deleterious substance that may render it injurious to health unless the substance is not an added substance and the quantity of that substance in the food does not ordinarily render it injurious to health. See Michigan Laws 289.1105
  • Advertisement: means a representation disseminated in any manner or by any means, other than by labeling, for the purpose of inducing, or which is likely to induce, directly or indirectly, the purchase of food. See Michigan Laws 289.1105
  • Agent: includes , but is not limited to, an attorney-in-fact under a durable or nondurable power of attorney and an individual authorized to make decisions as a patient advocate concerning another's health care. See Michigan Laws 700.1103
  • Application: means a written request to the probate register for an order of informal probate or informal appointment under part 3 of article III. See Michigan Laws 700.1103
  • Attorney: means , if appointed to represent a child under the provisions referenced in section 5213, an attorney serving as the child's legal advocate in the manner defined and described in section 13a of chapter XIIA of the probate code of 1939, 1939 PA 288, MCL 712A. See Michigan Laws 700.1103
  • Beneficiary: includes , but is not limited to, the following:
  •     (i) In relation to a trust, a person that is a trust beneficiary as defined in section 7103. See Michigan Laws 700.1103
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Bequest: Property gifted by will.
  • Claim: includes , but is not limited to, in respect to a decedent's or protected individual's estate, a liability of the decedent or protected individual, whether arising in contract, tort, or otherwise, and a liability of the estate that arises at or after the decedent's death or after a conservator's appointment, including funeral and burial expenses and costs and expenses of administration. See Michigan Laws 700.1103
  • Contract: A legal written agreement that becomes binding when signed.
  • Conviction: A judgement of guilt against a criminal defendant.
  • Core item: means a provision in the food code that is not designated as a priority item or a priority foundation item. See Michigan Laws 289.1105
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Court: means the probate court or, when applicable, the family division of circuit court. See Michigan Laws 700.1103
  • Decedent: A deceased person.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Department: means the department of agriculture and rural development. See Michigan Laws 289.1107
  • Descendant: means , in relation to an individual, all of his or her descendants of all generations, with the relationship of parent and child at each generation being determined by the definitions of child and parent contained in this act. See Michigan Laws 700.1103
  • Devisee: means a person designated in a will to receive a devise. See Michigan Laws 700.1103
  • Director: means the director of the department or his or her designee. See Michigan Laws 289.1107
  • Distributee: means a person that receives a decedent's property from the decedent's personal representative or trust property from the trustee other than as a creditor or purchaser. See Michigan Laws 700.1103
  • Donor: The person who makes a gift.
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Estate: includes the property of the decedent, trust, or other person whose affairs are subject to this act as the property is originally constituted and as it exists throughout administration. See Michigan Laws 700.1104
  • Evaluation: means a food safety audit, inspection, or food safety and sanitation assessment, whether announced or unannounced, that identifies violations or verifies compliance with this act and determines the degree of active control by food establishment operators over foodborne illness risk factors. See Michigan Laws 289.1107
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Federal act: means the federal food, drug, and cosmetic act, chapter 675, 52 Stat. See Michigan Laws 289.1107
  • Fiduciary: includes , but is not limited to, a personal representative, funeral representative, guardian, conservator, trustee, plenary guardian, partial guardian, and successor fiduciary. See Michigan Laws 700.1104
  • Fiduciary: A trustee, executor, or administrator.
  • financial institution: means a state or nationally chartered bank or a state or federally chartered savings and loan association, savings bank, or credit union whose deposits are insured by an agency of the United States government and that maintains a principal office or branch office located in this state under the laws of this state or the United States. See Michigan Laws 129.91
  • Food: means articles used for food or drink for humans or other animals, chewing gum, and articles used for components of any such article. See Michigan Laws 289.1107
  • Food code: means "Food Code, 2009 Recommendations of the United States Public Health Service Food and Drug Administration" which regulates the design, construction, management, and operation of certain food establishments. See Michigan Laws 289.1107
  • Food establishment: means an operation where food is processed, packed, canned, preserved, frozen, fabricated, stored, prepared, served, vended, sold, or offered for sale. See Michigan Laws 289.1107
  • Funds: means the money of a public corporation, the investment of which is not otherwise subject to a public act of this state or bond authorizing ordinance or resolution of a public corporation that permits investment in fewer than all of the investment options listed in subsection (1) or imposes 1 or more conditions upon an investment in an option listed in subsection (1). See Michigan Laws 129.91
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Governing body: means the legislative body, council, commission, board, or other body having legislative powers of a public corporation. See Michigan Laws 129.91
  • Governing instrument: means a deed; will; trust; funeral representative designation; insurance or annuity policy; account with POD designation; security registered in beneficiary form (TOD); pension, profit-sharing, retirement, or similar benefit plan; instrument creating or exercising a power of appointment or a power of attorney; or dispositive, appointive, or nominative instrument of any similar type. See Michigan Laws 700.1104
  • Heir: means , except as controlled by section 2720, a person, including the surviving spouse or the state, that is entitled under the statutes of intestate succession to a decedent's property. See Michigan Laws 700.1104
  • Incapacitated individual: means an individual who is impaired by reason of mental illness, mental deficiency, physical illness or disability, chronic use of drugs, chronic intoxication, or other cause, not including minority, to the extent of lacking sufficient understanding or capacity to make or communicate informed decisions. See Michigan Laws 700.1105
  • Inter vivos: Transfer of property from one living person to another living person.
  • Intestate: Dying without leaving a will.
  • Investment officer: means the treasurer or other person designated by statute or charter of a public corporation to act as the investment officer. See Michigan Laws 129.91
  • Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
  • Issue: means an individual's descendant. See Michigan Laws 700.1105
  • Label: means a display of written, printed, or graphic matter on the immediate container of any article and includes a requirement imposed under this act that any word, statement, or other information appearing on the display also appear on the outside container or wrapper of the retail package of the article or be easily legible through the outside container or wrapper. See Michigan Laws 289.1109
  • Labeling: means all labels and other written, printed, or graphic matter upon an article, any of its containers or wrappers, or accompanying the article. See Michigan Laws 289.1109
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Michigan bridge card: means the card used for the electronic benefit transfer system for food stamp distribution required under section 14h of the social welfare act, 1939 PA 280, MCL 400. See Michigan Laws 289.1109
  • Michigan prudent investor rule: means the fiduciary investment and management rule prescribed by part 5 of this article. See Michigan Laws 700.1106
  • Minor: means an individual who is less than 18 years of age. See Michigan Laws 700.1106
  • Misbranded: means food to which any of the following apply:
  •     (i) Its labeling is false or misleading in any particular. See Michigan Laws 289.1109
  • Money: means legal tender or a note, draft, certificate of deposit, stock, bond, check, or credit card. See Michigan Laws 700.1106
  • Organization: means a corporation, business trust, estate, trust, partnership, limited liability company, association, or joint venture; governmental subdivision, agency, or instrumentality; public corporation; or another legal or commercial entity. See Michigan Laws 700.1106
  • Person: means an individual, sole proprietorship, partnership, corporation, association, or other legal entity. See Michigan Laws 289.1109
  • Person: means an individual or an organization. See Michigan Laws 700.1106
  • Power of appointment: means that term as defined in section 2 of the powers of appointment act of 1967, 1967 PA 224, MCL 556. See Michigan Laws 700.1106
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
  • Probate: Proving a will
  • Proceeding: includes an application and a petition, and may be an action at law or a suit in equity. See Michigan Laws 700.1106
  • Property: means anything that may be the subject of ownership, and includes both real and personal property or an interest in real or personal property. See Michigan Laws 700.1106
  • Protected individual: means a minor or other individual for whom a conservator has been appointed or other protective order has been made as provided in part 4 of article V. See Michigan Laws 700.1106
  • Protective proceeding: means a proceeding under part 4 of article V. See Michigan Laws 700.1106
  • Public corporation: means a county, city, village, township, port district, drainage district, special assessment district, or metropolitan district of this state, or a board, commission, or another authority or agency created by or under an act of the legislature of this state. See Michigan Laws 129.91
  • Regulatory authority: means the department, the local health department, or the authorized representative having jurisdiction over the food establishment. See Michigan Laws 289.1111
  • Rules: means administrative rules promulgated under this act pursuant to the administrative procedures act of 1969, 1969 PA 306, MCL 24. See Michigan Laws 289.1111
  • seal: shall be construed to include any of the following:
  •     (a) The impression of the seal on the paper alone. See Michigan Laws 8.3n
  • Security: includes , but is not limited to, a note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in an oil, gas, or mining title or lease or in payments out of production under such a title or lease, collateral trust certificate, transferable share, voting trust certificate, or interest in a regulated investment company or other entity generally referred to as a mutual fund or, in general, an interest or instrument commonly known as a security, or a certificate of interest or participation for, a temporary or interim certificate, receipt, or certificate of deposit for, or any warrant or right to subscribe to or purchase any of the items listed in this subdivision. See Michigan Laws 700.1107
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Settlement: means , in reference to a decedent's estate, the full process of administration, distribution, and closing. See Michigan Laws 700.1107
  • Shellfish dealer: means an interstate wholesaler handling shellfish. See Michigan Laws 289.1111
  • State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or a territory or insular possession subject to the jurisdiction of the United States. See Michigan Laws 700.1107
  • Statute: A law passed by a legislature.
  • Testate: To die leaving a will.
  • Trust: includes , but is not limited to, an express trust, private or charitable, with additions to the trust, wherever and however created. See Michigan Laws 700.1107
  • Trustee: A person or institution holding and administering property in trust.
  • Trustee: includes an original, additional, or successor trustee, whether or not appointed or confirmed by the court. See Michigan Laws 700.1107
  • Ward: means an individual for whom a guardian is appointed. See Michigan Laws 700.1108
  • Wholesale: means selling other than directly to consumers. See Michigan Laws 289.1111