Sec. 5-a.
The said board of trustees shall be the custodians of the endowment fund of said college and shall control the investment of the funds held for endowment purposes, whether general or special. Said board, in its management of said funds, may employ committees, individuals, banks, trust companies or other agents and may fix the compensation to be paid for services and the guaranties to be required.
History: Add. 1923, Act 1, Imd. Eff. Feb. 16, 1923 ;-- CL 1929, 8133 ;-- CL 1948, 390.705a
Structure Michigan Compiled Laws
Chapter 390 - Universities and Colleges
Act 72 of 1857 - Albion College (390.701 - 390.708)
Section 390.701 - Albion College; Creation; Board of Trustees; Powers.
Section 390.701a - Definitions.
Section 390.702 - Board of Trustees; Membership; Term of Office; Limitation.
Section 390.702a - Repealed. 1972, Act 137, Imd. Eff. May 18, 1972.
Section 390.703 - Board of Trustees; Powers; Course of Study; Conferring of Degrees.
Section 390.704 - Repealed. 2011, Act 220, Imd. Eff. Nov. 15, 2011.
Section 390.705 - Powers of Corporation.
Section 390.705a - Board of Trustees; Custodians of Endowment Funds.
Section 390.706 - Act Declared Public; Non-User of Privileges; Misnomer in Instrument.
Section 390.707 - Breach of Trustee's or Officer's Fiduciary Duty; Liability.
Section 390.707a - Volunteer Trustee; Liability for Acts or Omissions.
Section 390.707b - Volunteer Trustee or Nontrustee Volunteer; Liability of College; Conditions.
Section 390.708 - Repealed. 2011, Act 220, Imd. Eff. Nov. 15, 2011.