Sec. 6.
(1) The depository shall manage, invest, and reinvest the money in an investment pool on behalf of each participant. Subject to the scope of investments allowed by subsection (2), a depository may combine money in an investment pool with other funds the depository may have available for investment.
(2) The depository may invest and reinvest the money in the investment pool only in the manner permitted in section 1 of Act No. 20 of the Public Acts of 1943, as amended, being section 129.91 of the Michigan Compiled Laws.
(3) The depository shall invest the money in the investment pool with the degree of judgment and care which a person of prudence, discretion, and intelligence exercises in the management of his or her own affairs, not for speculation, but for investment, considering the probable safety of his or her capital as well as the probable income to be derived from an investment of his or her capital.
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.