Section 451.313 - Public trust commission; investigations; costs; audits and appraisals. - Michigan Statutes

PROTECTIVE COMMITTEES (EXCERPT)
Act 89 of 1933

451.313 Public trust commission; investigations; costs; audits and appraisals.

Sec. 13.

Any person interested in any security in connection with which a protective committee is organized may request the commission to make an investigation, audit, or appraisal and report with respect to the property or business to which the security pertains. However, before any investigation, audit, or appraisal and report is made by the commission upon such a request, the person so requesting shall, if required by the commission, deposit with the commission the sum of money that the commission considers necessary to meet the cost of the investigation, audit, or appraisal and report. If the deposit is insufficient to defray the cost of the investigation, audit, or appraisal and report, the commission may request further deposits as a condition of the continuance by it of its investigation, audit, or appraisal and report. All money so deposited shall be deposited by the commission in the state treasury in a special fund and disbursements from that fund shall be upon the warrant drawn on the state treasurer, and any disbursements shall be for the purposes for which the money is paid. Any excess over and above the cost of the requested investigation, audit, or appraisal and report shall be returned to the person who made the deposit.

History: 1933, Act 89, Imd. Eff. May 25, 1933 ;-- CL 1948, 451.313 ;-- Am. 2002, Act 104, Imd. Eff. Mar. 27, 2002