Section 38.1140k - Investment in foreign securities. - Michigan Statutes

PUBLIC EMPLOYEE RETIREMENT SYSTEM INVESTMENT ACT (EXCERPT)
Act 314 of 1965

38.1140k Investment in foreign securities.

Sec. 20k.

(1) Notwithstanding a percentage of total assets limitation for an investment provided in any other section of this act, an investment fiduciary may invest not more than 20% of a system's assets in foreign 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 foreign securities of any 1 issuer.

(b) Invest more than 5% of a system's assets in the foreign securities of any 1 issuer.

(2) Investments in foreign securities under this section shall be made only by investment fiduciaries described in section 13(8) who have demonstrated expertise in investments of that type.

History: Add. 1996, Act 485, Imd. Eff. Dec. 27, 1996