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Sec. 6. (1) Collectible currency, currency, perishable property, and property of major value that is not claimed as provided under section 5(2) 1 shall be disposed of by the law enforcement agency as follows:
(a) Unless the finder of the property cannot be located or does not want the property, return the property to the finder.
(b) If the finder of the property cannot be located or does not want the property, do 1 of the following:
(i) Retain the property for use by the law enforcement agency.
(ii) Sell the property at a public sale and deposit the money from the sale in the general fund of the governmental unit of the law enforcement agency.
(iii) Release the property to a charitable organization as defined in section 2 of the charitable organizations and solicitations act, Act No. 169 of the Public Acts of 1975, being section 400.272 of the Michigan Compiled Laws.
(2) Property located in an abandoned vehicle shall be kept in a place of safekeeping. If the legal owner of the property is not located when the vehicle has been disposed of under the provisions regarding abandoned vehicles under the Michigan vehicle code, Act No. 300 of the Public Acts of 1949, being sections 257.1 to 257.923 of the Michigan Compiled Laws, the property shall be classified under section 2(2) 2 and the property may be disposed of pursuant to section 5 and subsection (1).
(a)(1) The general financial objective of the Arkansas Local Police and Fire Retirement System and of each employer shall be to establish and receive contributions, expressed as percents of active employee pays, which will remain approximately level from year to year and which will not have to be increased for future generations of citizens.
(2) More specifically, contributions received each year shall be sufficient both to fully cover the costs of benefit commitments being made to employees for their service being rendered in each year and to make a level payment which, if paid annually over a reasonable period of future years, will fully cover the unfunded costs of benefit commitments for service previously rendered.
(b) The Board of Trustees of the Arkansas Local Police and Fire Retirement System shall cause an actuarial valuation of each employer's participation to be made at least biennially, and preferably annually, to determine how well the system is meeting the objectives set forth in subsection (a) of this section.
Cite this article: FindLaw.com - Michigan Compiled Laws, Chapter 434. Lost and Unclaimed Property § 434.26 - last updated February 09, 2022 | https://codes.findlaw.com/mi/chapter-434-lost-and-unclaimed-property/mi-comp-laws-434-26/
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