Mich. Comp. Laws § 38.1540
This is the official text of Mich. Comp. Laws § 38.1540, 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.
Prohibited conduct.
Official statutory text
Sec. 40.
Members of the retirement board and employees of the retirement system are prohibited from:
Having any beneficial interest, direct or indirect, in any investment of the retirement system.
Being an endorser or obligor, or providing surety, for any money loaned to or borrowed from the retirement system.
Borrowing any of the money or other assets of the retirement system.
Receiving any pay or emolument from any individual or organization, other than compensation paid by the retirement system, with respect to investments of the retirement system.
History: 1984, Act 427, Imd. Eff. Jan. 2, 1985
Members of the retirement board and employees of the retirement system are prohibited from:
Having any beneficial interest, direct or indirect, in any investment of the retirement system.
Being an endorser or obligor, or providing surety, for any money loaned to or borrowed from the retirement system.
Borrowing any of the money or other assets of the retirement system.
Receiving any pay or emolument from any individual or organization, other than compensation paid by the retirement system, with respect to investments of the retirement system.
History: 1984, Act 427, Imd. Eff. Jan. 2, 1985
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.