Michigan Laws 38.1056 – Undivided interest in assets of system
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Terms Used In Michigan Laws 38.1056
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
The assets of the system shall be invested as one fund, and no particular person, group of persons or entity shall have any right in any specific security or property, or in any item of cash other than an undivided interest in the whole as specified in the provisions of this act as it now exists or is subsequently amended.