Michigan § 38.1134 - Investment in stock or global security.
Full text of Michigan Michigan Compiled Laws § 38.1134 — Investment in stock or global security., with citation guidance and answers to common questions.
§ 38.1134. Investment in stock or global security.
(1) An investment fiduciary shall not invest more than 70% of a system's assets in stock or the type of global security described in section 12b(4)(b). An investment fiduciary shall not invest in more than 5% of the outstanding stock of any 1 corporation, or invest more than 5% of a system's assets in the stock of any 1 corporation, unless otherwise provided in this act.
(2) An investment fiduciary may invest in stock or global securities under subsection (1) if it meets 1 of the following requirements:
(a) Is registered on a national securities exchange regulated under title I of the securities exchange act of 1934, 15 USC 78a to 78pp, or on an industry-recognized exchange outside the United States.
(b) Is on the national association of securities dealers automated quotation system or a successor to this system or is on an industry-recognized system outside the United States.
(c) Is issued pursuant to rule 144a under the securities act of 1933, 17 CFR 230.144a.
(3) Notwithstanding subsection (2), an investment fiduciary may designate an American depository receipt or the type of global security described in section 12b(4)(b) that satisfies the requirements of subsection (2) as an investment qualified under this section or as an investment in global securities qualified under section 20k.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 38.1134
What does Michigan Compiled Laws § 38.1134 cover?
Section 38.1134 ("Investment in stock or global security.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Michigan § 38.1134?
A common citation format is "Michigan Compiled Laws § 38.1134" (Michigan). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 38.1134 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Michigan.