333.5861 Receiving and holding title to property; property as trust fund; disposition of property; children with special needs fund; minimum balance.
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333.5861 Receiving and holding title to property; property as trust fund; disposition of property; children with special needs fund; minimum balance.
Sec. 5861.
(1)The department may receive and hold title to real and personal property by gift, devise, bequest, and conveyance to be used for the purpose of carrying out this part. The property accepted must be held and used as a trust fund for the purposes for which received. The department promptly shall send the money, securities, or like personal property received to the department of treasury to be credited to the fund of this state designated by the donor or the department. The income from securities must be sent promptly to the department of treasury to be credited to the fund designated and must be likewise disbursed.
(2)The children with special needs fund that operates under this section shall maintain a minimum balance of $18,000,000.00. If the balance of the children with special needs fund is less than $18,000,000.00, no money shall be expended from that fund until the balance of the fund exceeds $18,000,000.00.
History: 1978, Act 368, Eff. Sept. 30, 1978 ;-- Am. 2016, Act 427 , Eff. Apr. 4, 2017
Popular Name: Act 368