Section 418.741 - Administration of accident fund; records of business transacted; deputies, assistants, and clerical help; salaries and expenses; annual reports. - Michigan Statutes

WORKER'S DISABILITY COMPENSATION ACT OF 1969 (EXCERPT)
Act 317 of 1969

418.741 Administration of accident fund; records of business transacted; deputies, assistants, and clerical help; salaries and expenses; annual reports.

Sec. 741.

(1) Subject to the conditions described in section 701(4), the executive director shall keep complete records of all business transacted by him or her in the administration of the accident fund. He or she shall be an independent appointing authority and may employ such deputies and assistants and clerical help consistent with civil service rules as may be necessary, for the proper administration of the state accident fund and the performance of the duties imposed upon him or her by the provisions of this act. All salaries and expenses shall be charged to and paid out of the state accident fund until the effective date of the transfer.

(2) The executive director shall make an annual report and a final report within 6 months after the effective date of the transfer to the governor, the legislature, and to the policyholders that shall include a full and correct statement of the administration of the state accident fund, showing its financial status and outstanding obligations, and any other information considered appropriate.

History: 1969, Act 317, Eff. Dec. 31, 1969 ;-- Am. 1990, Act 157, Imd. Eff. June 29, 1990 ;-- Am. 1993, Act 198, Eff. Dec. 28, 1994
Compiler's Notes: Section 3 of Act 198 of 1993 provides as follows:“Section 3. (1)Except as provided in subsection (2), this amendatory act shall not take effect unless the state administrative board certifies in writing to the secretary of state by December 31, 1994 that an agreement for the transfer of all or substantially all of the assets and the assumption of all or substantially all of the liabilities of the state accident fund has been consummated with a permitted transferee pursuant to the requirements of section 701a of the worker's disability compensation act of 1969, Act No. 317 of the Public Acts of 1969, being section 418.701a of the Michigan Compiled Laws, as added by this amendatory act.“(2) Sections 700 and 701a as added by this amendatory act shall take effect upon the date of enactment of this amendatory act.”
Popular Name: Act 317