Michigan Laws 129.115 – Maintaining separate account for each participant; monthly statement of transactions; report
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 129.115
- Depository: means that department of the financial institution which is responsible for managing, investing, and reinvesting funds placed in an investment pool. See Michigan Laws 129.112
- month: means a calendar month; the word "year" a calendar year; and the word "year" alone shall be equivalent to the words "year of our Lord". See Michigan Laws 8.3j
- Participant: means a local unit which has entered into a contract with a financial institution and has placed funds in an investment pool managed by that financial institution. See Michigan Laws 129.112
The depository shall maintain for each participant a separate account designated by the participant’s name and number. Each account shall show the deposits, earnings, and withdrawals of, and any fees paid by, the participant. Each participant shall receive a monthly statement of transactions and, upon request, shall be furnished a report showing the investment holdings of the investment pool as of the end of the previous month.