Sec. 40.
Members of the retirement board and employees of the retirement system are prohibited from:
(a) Having any beneficial interest, direct or indirect, in any investment of the retirement system.
(b) Being an endorser or obligor, or providing surety, for any money loaned to or borrowed from the retirement system.
(c) Borrowing any of the money or other assets of the retirement system.
(d) 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
Structure Michigan Compiled Laws
Chapter 38 - Civil Service and Retirement
Act 427 of 1984 - Municipal Employees Retirement Act of 1984 (38.1501 - 38.1558)
Section 38.1501 - Short Title.
Section 38.1502 - Meanings of Words and Phrases.
Section 38.1502a - Definitions; C to J.
Section 38.1502b - Definitions; M.
Section 38.1502c - Definitions; P to V.
Section 38.1503-38.1510a - Repealed. 1996, Act 220, Eff. Aug. 15, 1996.
Section 38.1512-38.1535 - Repealed. 1996, Act 220, Eff. Aug. 15, 1996.
Section 38.1536a - Repealed. 2004, Act 490, Imd. Eff. Dec. 28, 2004.
Section 38.1537, 38.1538 - Repealed. 1996, Act 220, Eff. Aug. 15, 1996.
Section 38.1540 - Prohibited Conduct.
Section 38.1541-38.1544a - Repealed. 1996, Act 220, Eff. Aug. 15, 1996.
Section 38.1545a-38.1554 - Repealed. 1996, Act 220, Eff. Aug. 15, 1996.
Section 38.1545b - Contested Case Hearing.
Section 38.1555 - Repeal of MCL 38.601 to 38.669.
Section 38.1556 - Repealed. 1996, Act 220, Eff. Aug. 15, 1996.
Section 38.1557 - Repealed. 1992, Act 63, Eff. May 22, 1993.
Section 38.1558 - Repealed. 1996, Act 220, Eff. Aug. 15, 1996.