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MCL 555.106 Common Trust Funds; Participation; Certificate
| Library | Michigan Statutes |
| Edition | 2023 |
| Currency | Current through Public Act 321 of the 2023 Legislative Session |
| Year | 2023 |
| Citation | MCL 555.106 |
(1) A financial institution administering a fund shall not issue a certificate or other document representing a direct or indirect interest in the fund, except to provide a withdrawing account with a record of an interest in a segregated investment.
(2) An account owning or holding an investment or participation in a fund has a proportionate undivided interest in the fund's assets. The account does not have individual ownership of any asset in the fund.
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