Sec. 10.
A mistake made in good faith and in the exercise of due care in connection with the administration of a fund is not a violation of this act or any rules or regulations issued under this act, if promptly after discovery of the mistake the financial institution takes whatever action is reasonable under the circumstances to remedy the mistake.
History: 1941, Act 174, Eff. Jan. 10, 1942 ;-- CL 1948, 555.110 ;-- Am. 2004, Act 586, Imd. Eff. Jan. 4, 2005 Popular Name: Common Trust Fund Act
Structure Michigan Compiled Laws
Act 174 of 1941 - Collective Investment Funds Act (555.101 - 555.113)
Section 555.101 - Short Title; Definitions.
Section 555.102 - Funds; Financial Institution May Establish, Maintain, and Administer.
Section 555.103 - Funds; Financial Institution May Invest as Fiduciary.
Section 555.105 - Common Trust Funds; Funds Investment.
Section 555.105a - Interest in Fund Other Than Fiduciary; Prohibition; Restrictions.
Section 555.106 - Common Trust Funds; Participation; Certificate.
Section 555.107 - Common Trust Funds; Management; Control; Ownership.
Section 555.109 - Common Trust Funds; Management Fee; Expenses.
Section 555.110 - Common Trust Funds; Mistakes in Administration; Effect.
Section 555.111 - Common Trust Funds; Rules Regulating Administration.
Section 555.112 - Common Trust Funds; Additional Investments.
Section 555.113 - Common Trust Funds; Court Accountings; Jurisdiction of Probate Court.