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Michigan Legislature
Michigan Compiled Laws Complete Through PA 178 of 2019
House: Adjourned until Tuesday, January 21, 2020 1:30:00 PM
Senate: Adjourned until Tuesday, January 21, 2020 10:00:00 AM

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Act 87 of 2009
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Act 87 of 2009

AN ACT to establish duties and obligations of nonprofit, charitable institutions in the management and use of funds held for charitable purposes; and to repeal acts and parts of acts.

History: 2009, Act 87, Imd. Eff. Sept. 10, 2009

© 2017 Legislative Council, State of Michigan

The People of the State of Michigan enact:

Section 451.921SectionShort title.
Section 451.922SectionDefinitions.
Section 451.923SectionInstitutional fund; managing and investing; considerations; requirements; pooling 2 or more funds; rules for managing and investing.
Section 451.924SectionEndowment fund assets; appropriation or accumulation; determination; limitation; designation.
Section 451.925SectionManagement and investment; delegation to external agent; duty to exercise reasonable care; liability; delegation to committees, officers, or employees.
Section 451.926SectionRelease or modification of restriction.
Section 451.927SectionCompliance with act; existing facts and circumstances.
Section 451.928SectionApplicability of act.
Section 451.929SectionElectronic signatures.
Section 451.930SectionUniformity of law.
Section 451.931SectionApplicability; scope.
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