Mich. Comp. Laws § 38.1134
This is the official text of Mich. Comp. Laws § 38.1134, part of Michigan’s Comp. Laws — part of the compiled statutory law of Michigan, published by the state as "Comp. Laws." Browse the sections below, each linked to its official government source.
Not legal advice. This page reproduces the official text of a government statute for reference only. Laws change, and how a statute applies depends on your specific facts. For advice about your situation, consult a licensed attorney in your state.
Investment in stock or global security.
Official statutory text
Sec. 14.
(1) An investment fiduciary shall not invest more than 70% of a system's assets in stock or the type of global security described in section 12b(4)(b). An investment fiduciary shall not invest in more than 5% of the outstanding stock of any 1 corporation, or invest more than 5% of a system's assets in the stock of any 1 corporation, unless otherwise provided in this act.
(2) An investment fiduciary may invest in stock or global securities under subsection (1) if it meets 1 of the following requirements:
(a) Is registered on a national securities exchange regulated under title I of the securities exchange act of 1934, 15 USC 78a to 78pp, or on an industry-recognized exchange outside the United States.
(b) Is on the national association of securities dealers automated quotation system or a successor to this system or is on an industry-recognized system outside the United States.
(c) Is issued pursuant to rule 144a under the securities act of 1933, 17 CFR 230.144a.
(3) Notwithstanding subsection (2), an investment fiduciary may designate an American depository receipt or the type of global security described in section 12b(4)(b) that satisfies the requirements of subsection (2) as an investment qualified under this section or as an investment in global securities qualified under section 20k.
History: Add. 1982, Act 55, Imd. Eff. Apr. 6, 1982; Am. 1996, Act 485, Imd. Eff. Dec. 27, 1996; Am. 2000, Act 307, Imd. Eff. Oct. 16, 2000; Am. 2012, Act 347, Eff. Mar. 28, 2013
(1) An investment fiduciary shall not invest more than 70% of a system's assets in stock or the type of global security described in section 12b(4)(b). An investment fiduciary shall not invest in more than 5% of the outstanding stock of any 1 corporation, or invest more than 5% of a system's assets in the stock of any 1 corporation, unless otherwise provided in this act.
(2) An investment fiduciary may invest in stock or global securities under subsection (1) if it meets 1 of the following requirements:
(a) Is registered on a national securities exchange regulated under title I of the securities exchange act of 1934, 15 USC 78a to 78pp, or on an industry-recognized exchange outside the United States.
(b) Is on the national association of securities dealers automated quotation system or a successor to this system or is on an industry-recognized system outside the United States.
(c) Is issued pursuant to rule 144a under the securities act of 1933, 17 CFR 230.144a.
(3) Notwithstanding subsection (2), an investment fiduciary may designate an American depository receipt or the type of global security described in section 12b(4)(b) that satisfies the requirements of subsection (2) as an investment qualified under this section or as an investment in global securities qualified under section 20k.
History: Add. 1982, Act 55, Imd. Eff. Apr. 6, 1982; Am. 1996, Act 485, Imd. Eff. Dec. 27, 1996; Am. 2000, Act 307, Imd. Eff. Oct. 16, 2000; Am. 2012, Act 347, Eff. Mar. 28, 2013
Status: in_force · Read it on the official government site
Need a lawyer in Michigan?
Find a Michigan lawyer
About this page: Statute text is reproduced from official government publishers via the
Open US Law dataset
(Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine
(Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.