Michigan Laws 555.109 – Common trust funds; management fee; expenses
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Michigan Laws 555.109
- Financial institution: means any of the following:
(i) A state bank, national bank, state or federally chartered savings and loan association or savings bank that is authorized to act in a fiduciary capacity in this state. See Michigan Laws 555.101Fund: means a common trust fund or a collective investment fund. See Michigan Laws 555.101
(1) A financial institution administering a fund may charge a reasonable management fee that does not exceed an amount equal to the value of legitimate services of tangible benefit to the participating accounts that would not have been provided to the accounts were they not invested in the fund.
(2) A financial institution administering a fund may charge reasonable expenses incurred in operating the fund.
(3) A financial institution shall pay the cost of establishing or reorganizing a fund.
(4) A financial institution may deduct the fee and expenses allowed under subsections (1) and (2) from the fund or from the participating accounts in proportion to their interests in the fund.