{"data":{"id":"us-mi/mich.-comp.-laws-555.101","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 555.101","heading":"Short title; definitions.","body":"Sec. 1.\n\n(1) This act shall be known and may be cited as the \"collective investment funds act\".\n\n(2) As used in this act:\n\n(a) \"Collective investment fund\" means a fund maintained by a financial institution or by 1 or more affiliated financial institutions that consists solely of assets of retirement, pension, profit sharing, stock bonus, or other trusts that are exempt from federal income tax.\n\n(b) \"Common trust fund\" means a fund maintained by a financial institution or 1 or more affiliated financial institutions exclusively for the collective investment and reinvestment of money contributed to the fund by the financial institution or the affiliated financial institutions in its capacity as a fiduciary or cofiduciary.\n\n(c) \"Fiduciary\" means a financial institution or other person acting in the capacity of guardian, conservator, personal representative, or trustee, either solely or together with others, or custodian under a uniform gift or transfer to minors act of any state.\n\n(d) \"Financial institution\" means any of the following:\n\n( i ) A state bank, national bank, state or federally chartered savings and loan association or savings bank that is authorized to act in a fiduciary capacity in this state.\n\n( ii ) A wholly owned subsidiary of an entity described in subparagraph ( i ) that is authorized to act in a fiduciary capacity in this state.\n\n( iii ) An entity authorized to act in a fiduciary capacity in any other state that is a member of an affiliated group within the meaning of section 1504 of the internal revenue code of 1986 that includes any of the entities described in subparagraph ( i ) or ( ii ).\n\n(e) \"Fund\" means a common trust fund or a collective investment fund.\n\n(f) \"Plan\" means the written plan for a fund described in section 4.","path":["MI Code","Chapter 555","Act Act-174-of-1941"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-555-101","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"cca71bebbb86a198d7f40350539516df1c1c6aab604a976ae5b336eb22810e18","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-555.906","next":"us-mi/mich.-comp.-laws-555.102"},"notice":"GroundRules: Original legal text. Not legal advice."}