Michigan Laws 38.1140k – Investment in global securities; prohibited conduct
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Michigan Laws 38.1140k
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Fiduciary: A trustee, executor, or administrator.
- 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
(1) Notwithstanding a percentage of total assets limitation for an investment provided in any other section of this act, an investment fiduciary who is the state treasurer or the investment fiduciary of a system that has assets of $2,000,000,000.00 or more may invest not more than 30% of a system’s assets in global securities. An investment fiduciary of a system that has assets of less than $2,000,000,000.00 and who is not the state treasurer may invest not more than 20% of a system’s assets in global securities. Except as otherwise provided in this act, an investment fiduciary shall not do any of the following:
(a) Invest in more than 5% of the outstanding global securities of any 1 issuer.
(b) Invest more than 5% of a system’s assets in the global securities of any 1 issuer.
(2) Investments in global securities under this section shall be made only by investment fiduciaries described in section 13(11) who have demonstrated expertise in investments of that type.