38.1140k Investment in global securities; prohibited conduct.
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38.1140k Investment in global securities; prohibited conduct.
Sec. 20k.
(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.
History: Add. 1996, Act 485 , Imd. Eff. Dec. 27, 1996 ;-- Am. 2012, Act 347 , Eff. Mar. 28, 2013
Compiler's Notes: For transfer of powers and duties of state treasurer created under public employee retirement system investment act or authorizing statutes to Michigan investment board and transfer of powers and duties of investment advisory committee created under MCL 16.191 to Michigan investment board , see E.R.O. No. 2018-5, compiled at MCL 38.1176.