Michigan Laws 36.106c – Authority; fiduciary oversight; duties related to funds
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 36.106c
- Authority: means the Michigan veterans' facility authority created under section 3. See Michigan Laws 36.102
- board: means the board of directors of the authority. See Michigan Laws 36.102
- Fiduciary: A trustee, executor, or administrator.
- Michigan veteran homes: means the administrative entity that centrally manages and operates veterans' facilities in this state. See Michigan Laws 36.102
- Oversight: Committee review of the activities of a Federal agency or program.
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
- Veteran: means an individual who meets both of the following:
(i) Is a veteran as defined in section 1 of 1965 PA 190, MCL 35. See Michigan Laws 36.102
(1) The authority shall provide fiduciary oversight, in coordination with the state treasury, for all funds held by Michigan veteran homes on behalf of members residing at each veterans’ facility.
(2) The authority may receive money held in the post fund and posthumous fund created by former 1905 PA 313, and the veterans’ facility operation fund created in section 11 of former 1885 PA 152.
(3) The authority and Michigan veteran homes shall do all of the following:
(a) Create and maintain a charitable support fund into which the post fund and posthumous fund must be deposited. Gifts received by the authority and Michigan veteran homes that are not specifically directed for the use and benefit of this state must be deposited into the charitable support fund.
(b) Expend money in the charitable support fund, upon approval by the board, to benefit the members of Michigan veteran homes and support the operations of veterans’ facilities.
(c) Create and maintain a separate, segregated account for the veterans’ facility operation fund. Money in the veterans’ facility operation fund must be expended only to support the operations and services provided at a veterans’ facility established under this act.