Sec. 13.
Unless ordered by a court of competent jurisdiction, a financial institution administering a fund is not required to provide an accounting to a court with regard to the fund. By application to the state probate court with jurisdiction for a county in this state where the financial institution has its principal office, a financial institution may secure approval of an accounting under the conditions established by the court.
History: 1941, Act 174, Eff. Jan. 10, 1942 ;-- CL 1948, 555.113 ;-- 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.