Michigan § 38.2603 - Retirement board member or employee; prohibited acts.
Full text of Michigan Michigan Compiled Laws § 38.2603 — Retirement board member or employee; prohibited acts., with citation guidance and answers to common questions.
§ 38.2603. Retirement board member or employee; prohibited acts.
Except as provided in this act, a retirement board member or employee of the retirement board shall not have any interest, direct or indirect, in the gains or profits of any investments made of retirement system funds. Except as provided in section 202, a board member shall not, directly or indirectly, receive any pay for his or her services. A board member or person connected with the retirement board directly or indirectly, for himself or herself or as an agent or partner of others, shall not borrow any of the retirement system funds or deposits, or in any manner use retirement system funds except to make current and necessary payments that are authorized by the retirement board. A board member or employee of the retirement board shall not become an endorser of surety or become in any manner an obligor for money loaned by or borrowed from the retirement board.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 38.2603
What does Michigan Compiled Laws § 38.2603 cover?
Section 38.2603 ("Retirement board member or employee; prohibited acts.") 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 § 38.2603?
A common citation format is "Michigan Compiled Laws § 38.2603" (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 § 38.2603 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.