Sec. 5.
The depository shall maintain for each participant a separate account designated by the participant's name and number. Each account shall show the deposits, earnings, and withdrawals of, and any fees paid by, the participant. Each participant shall receive a monthly statement of transactions and, upon request, shall be furnished a report showing the investment holdings of the investment pool as of the end of the previous month.
History: 1982, Act 367, Eff. Mar. 30, 1983
Structure Michigan Compiled Laws
Act 367 of 1982 - Surplus Funds Investment Pool Act (129.111 - 129.118)
Section 129.111 - Short Title.
Section 129.112 - Definitions.
Section 129.113 - Placing Surplus Funds in Investment Pool; Contract With Financial Institution.
Section 129.114 - Contract Between Financial Institution and Local Unit; Required Provisions.
Section 129.116 - Powers and Duties of Depository.
Section 129.118 - Act as Additional Authority for Investment of Surplus Funds.