Mich. Comp. Laws § 38.1140k
This is the official text of Mich. Comp. Laws § 38.1140k, 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.
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Investment in global securities; prohibited conduct.
Official statutory text
Sec. 20k.
(1) Notwithstanding a percentage of total assets limitation for an investment provided in any other section of this act, an investment fiduciary who is the state treasurer or the investment fiduciary of a system that has assets of $2,000,000,000.00 or more may invest not more than 30% of a system's assets in global securities. An investment fiduciary of a system that has assets of less than $2,000,000,000.00 and who is not the state treasurer may invest not more than 20% of a system's assets in global securities. Except as otherwise provided in this act, an investment fiduciary shall not do any of the following:
(a) Invest in more than 5% of the outstanding global securities of any 1 issuer.
(b) Invest more than 5% of a system's assets in the global securities of any 1 issuer.
(2) Investments in global securities under this section shall be made only by investment fiduciaries described in section 13(11) who have demonstrated expertise in investments of that type.
History: Add. 1996, Act 485, Imd. Eff. Dec. 27, 1996; Am. 2012, Act 347, Eff. Mar. 28, 2013
(1) Notwithstanding a percentage of total assets limitation for an investment provided in any other section of this act, an investment fiduciary who is the state treasurer or the investment fiduciary of a system that has assets of $2,000,000,000.00 or more may invest not more than 30% of a system's assets in global securities. An investment fiduciary of a system that has assets of less than $2,000,000,000.00 and who is not the state treasurer may invest not more than 20% of a system's assets in global securities. Except as otherwise provided in this act, an investment fiduciary shall not do any of the following:
(a) Invest in more than 5% of the outstanding global securities of any 1 issuer.
(b) Invest more than 5% of a system's assets in the global securities of any 1 issuer.
(2) Investments in global securities under this section shall be made only by investment fiduciaries described in section 13(11) who have demonstrated expertise in investments of that type.
History: Add. 1996, Act 485, Imd. Eff. Dec. 27, 1996; Am. 2012, Act 347, Eff. Mar. 28, 2013
Status: in_force · Read it on the official government site
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