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Code · Michigan · Chapter 555 — Uses and Trusts

555.104a Audit; financial report; contents; items to be excluded from report; availability; advertising common trust fund.

343 words·~2 min read·/mi/chapter-555/555-104a

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555.104a Audit; financial report; contents; items to be excluded from report; availability; advertising common trust fund.
Sec. 4a.
(1)At least once during each 12-month period, a financial institution administering a fund shall arrange for an audit of the fund by auditors responsible only to the board of directors of the financial institution.
(2)At least once during each 12-month period, a financial institution administering a fund shall prepare a financial report of the fund based on the audit required in subsection (1). The report shall disclose the fund's fees and expenses, a list of investments in the fund, the cost and current market value of each investment, and a statement covering the period after the previous report that shows all of the following, organized by type of investment:
(a)A summary of purchases, including costs.
(b)A summary of sales, including profit or loss and any other investment changes.
(c)Income to and disbursements from the fund.
(d)A description of any investments in default.
(3)A financial institution shall not publish in the report described in subsection
(2)any predictions or representations as to future performance. In addition, with respect to common trust funds, a financial institution shall not publish the performance of individual funds other than those administered by the financial institution or its affiliates.
(4)A financial institution administering a fund shall provide a copy of the report described in subsection (2), or provide notice that a copy of the report is available upon request without charge, to each person who ordinarily would receive a regular periodic accounting with respect to each participating account. The financial institution may provide a copy of the report to prospective customers and may provide a copy of the report upon request to any person for a reasonable charge.
(5)A financial institution shall not advertise or publicize any common trust fund except in connection with the advertisement of the general fiduciary services of the financial institution.
History: Add. 2004, Act 586 , Imd. Eff. Jan. 4, 2005
Popular Name: Common Trust Fund Act
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