Sec. 17.
All mortgagors and all persons who are depositaries, solicitors, and members of protective committees shall be deemed to be in a fiduciary relationship to the holders or owners of the securities with respect to which they are mortgagors, depositaries, solicitors, and members of protective committees, respectively, whether or not such holders or owners have deposited their securities and/or consented to the protective committee agreement; and every purchase by a mortgagor, depositary, solicitor or member of a protective committee of securities with respect to which such purchaser is the mortgagor, depositary, solicitor or member of a protective committee, respectively, shall be forthwith disclosed in writing to the commission by such purchaser.
History: 1933, Act 89, Imd. Eff. May 25, 1933 ;-- Am. 1937, Act 212, Imd. Eff. July 21, 1937 ;-- CL 1948, 451.317
Structure Michigan Compiled Laws
Chapter 451 - Securities, Real Estate, and Debt Management
Act 89 of 1933 - Protective Committees (451.302 - 451.319)
Section 451.302 - Protective Committees, Depositaries and Solicitors; Definitions.
Section 451.308 - Protective Committees; Notice to Issuer of Security, Objections, Hearing.
Section 451.309 - Protective Committees; Records and Reports.
Section 451.310 - Protective Committees; Authority to Take Action.
Section 451.311 - Public Trust Commission; Investigations, Audits and Appraisals.
Section 451.312 - Public Trust Commission; Subpoenas, Oaths, Records.
Section 451.313 - Public Trust Commission; Investigations; Costs; Audits and Appraisals.
Section 451.315 - Public Trust Commission; Suspension of Orders, Grounds, Procedure.
Section 451.316 - Aggrieved Parties; Action in Circuit Court.
Section 451.317 - Fiduciary's Relation to Security Holders; Reports of Purchases.