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Michigan Compiled Laws, Chapter 129. Public Funds § 129.96

Current as of January 01, 2025 | Updated by Findlaw Staff

Sec. 6. (1) Subject to subsection (2), before executing an order to purchase or trade the funds of a public corporation, a financial intermediary, broker, or dealer shall be provided with a copy of the public corporation's investment policy and shall do both of the following:

(a) Acknowledge receipt of the investment policy.

(b) Agree to comply with the terms of the investment policy regarding the buying or selling of securities.

(2) A public corporation is subject to subsection (1) beginning on the date that the investment policy of a public corporation takes effect or 180 days after the end of the public corporation's first fiscal year ending after the effective date of the amendatory act that repealed section 2,  1 whichever is earlier.

(3) The investment officer shall provide quarterly a written report to the governing body concerning the investment of the funds.

1 M.C.L.A. § 129.92, repealed by P.A.1997, No. 196, § 1, Imd. Eff. Dec. 30, 1997.
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Cite this article: FindLaw.com - Michigan Compiled Laws, Chapter 129. Public Funds § 129.96 - last updated January 01, 2025 | https://codes.findlaw.com/mi/chapter-129-public-funds/mi-comp-laws-129-96/

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