reglab/housing_qa huggingface dataset:
MI Comp L § 451.924 (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 87 of 2009 - Uniform Prudent Management of Institutional Funds Act (451.921 - 451.931)|Section 451.924 - Endowment Fund Assets; Appropriation or Accumulation; Determination; Limitation; Designation.

451.924 Endowment fund assets; appropriation or accumulation; determination; limitation; designation.Sec. 4.  (1) Subject to the intent of a donor expressed in the gift instrument, an institution may appropriate for expenditure or accumulate so much of an endowment fund as the institution determines is prudent for the uses, benefits, purposes, and duration for which the endowment fund is established. Unless stated otherwise in the gift instrument, the assets in an endowment fund are donor-restricted assets until appropriated for expenditure by the institution. In making a determination to appropriate or accumulate, the institution shall act in good faith, with the care that an ordinarily prudent person in a like position would exercise under similar circumstances, and shall consider, if relevant, all of the following factors:  (a) The duration and preservation of the endowment fund.   (b) The purposes of the institution and the endowment fund.   (c) General economic conditions.   (d) The possible effect of inflation or deflation.   (e) The expected total return from income and the appreciation of investments.   (f) Other resources of the institution.   (g) The investment policy of the institution.   (2) To limit the authority to appropriate for expenditure or accumulate under subsection (1), a gift instrument must specifically state the limitation.   (3) Terms in a gift instrument designating a gift as an endowment, or a direction or authorization in the gift instrument to use only "income", "interest", "dividends", "rents, issues, or profits", or "to preserve the principal intact", or words of similar import, do both of the following:  (a) Create an endowment fund of permanent duration unless other language in the gift instrument limits the duration or purpose of the fund.   (b) Do not otherwise limit the authority to appropriate for expenditure or accumulate under subsection (1). History: 2009, Act 87, Imd. Eff. Sept. 10, 2009
MI Comp L § 451.925 (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 87 of 2009 - Uniform Prudent Management of Institutional Funds Act (451.921 - 451.931)|Section 451.925 - Management and Investment; Delegation to External Agent; Duty to Exercise Reasonable Care; Liability; Delegation to Committees, Officers, or Employees.

451.925 Management and investment; delegation to external agent; duty to exercise reasonable care; liability; delegation to committees, officers, or employees.Sec. 5.  (1) Subject to any specific limitation set forth in a gift instrument or in law other than this act, an institution may delegate to an external agent the management and investment of an institutional fund to the extent that an institution could prudently delegate under the circumstances. An institution shall act in good faith, with the care that an ordinarily prudent person in a like position would exercise under similar circumstances, in doing any of the following:   (a) Selecting an agent.  (b) Establishing the scope and terms of the delegation, consistent with the purposes of the institution and the institutional fund.   (c) Periodically reviewing the agent's actions in order to monitor the agent's performance and compliance with the scope and terms of the delegation.   (2) In performing a delegated function, an agent owes a duty to the institution to exercise reasonable care to comply with the scope and terms of the delegation.  (3) An institution that complies with subsection (1) is not liable for the decisions or actions of an agent to which the function was delegated.   (4) By accepting delegation of a management or investment function from an institution that is subject to the laws of this state, an agent submits to the jurisdiction of the courts of this state in all proceedings arising from or related to the delegation or the performance of the delegated function.   (5) An institution may delegate management and investment functions to its committees, officers, or employees as authorized by law of this state other than this act. History: 2009, Act 87, Imd. Eff. Sept. 10, 2009
MI Comp L § 451.926 (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 87 of 2009 - Uniform Prudent Management of Institutional Funds Act (451.921 - 451.931)|Section 451.926 - Release or Modification of Restriction.

451.926 Release or modification of restriction.Sec. 6.  (1) If the donor consents in a record, an institution may release or modify, in whole or in part, a restriction contained in a gift instrument on the management, investment, or purpose of an institutional fund. A donor may give prior consent to an institution for release or modification of a restriction or charitable purpose in a gift instrument that also includes a restriction or stated charitable purpose subject to this section. A release or modification shall not allow a fund to be used for a purpose other than a charitable purpose of the institution.   (2) A court, on application of an institution, may modify a restriction contained in a gift instrument regarding the management or investment of an institutional fund if the restriction has become impracticable or wasteful, if it impairs the management or investment of the fund, or if, because of circumstances not anticipated by the donor, a modification of a restriction will further the purposes of the fund. The institution shall notify the attorney general of the application, and the attorney general shall be given an opportunity to be heard. To the extent practicable, any modification shall be made in accordance with the donor's probable intention.  (3) If a particular charitable purpose or a restriction contained in a gift instrument on the use of an institutional fund becomes unlawful, impracticable, impossible to achieve, or wasteful, a court, upon application of an institution, may modify the purpose of the fund or the restriction on the use of the fund in a manner consistent with the charitable purposes expressed in the gift instrument. The institution shall notify the attorney general of the application, and the attorney general shall be given an opportunity to be heard.   (4) If an institution determines that a restriction contained in a gift instrument on the management, investment, or purpose of an institutional fund is unlawful, impracticable, impossible to achieve, or wasteful, the institution, 60 days after notification to the attorney general, may release or modify the restriction, in whole or in part, if all of the following apply:   (a) The institutional fund subject to the restriction has a total value of less than $25,000.00.  (b) More than 20 years have elapsed since the fund was established.  (c) The institution uses the property in a manner consistent with the charitable purposes expressed in the gift instrument.  (5) This section does not affect the right of a governing body of an institution to exercise the power to modify restrictions contained in a gift instrument as conferred by the institution's governing instruments or by a gift instrument. History: 2009, Act 87, Imd. Eff. Sept. 10, 2009
MI Comp L § 451.927 (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 87 of 2009 - Uniform Prudent Management of Institutional Funds Act (451.921 - 451.931)|Section 451.927 - Compliance With Act; Existing Facts and Circumstances.

451.927 Compliance with act; existing facts and circumstances.Sec. 7.  Compliance with this act shall be determined in light of the facts and circumstances existing at the time a decision is made or action is taken and not by hindsight. History: 2009, Act 87, Imd. Eff. Sept. 10, 2009
MI Comp L § 451.928 (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 87 of 2009 - Uniform Prudent Management of Institutional Funds Act (451.921 - 451.931)|Section 451.928 - Applicability of Act.

451.928 Applicability of act.Sec. 8.  This act applies to institutional funds existing on or established after the effective date of this act. As applied to institutional funds existing on the effective date of this act, this act governs only decisions made or actions taken on or after that date. History: 2009, Act 87, Imd. Eff. Sept. 10, 2009
MI Comp L § 451.929 (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 87 of 2009 - Uniform Prudent Management of Institutional Funds Act (451.921 - 451.931)|Section 451.929 - Electronic Signatures.

451.929 Electronic signatures.Sec. 9.  This act modifies, limits, and supersedes the electronic signatures in the global and national commerce act, 15 USC 7001 to 7031, but does not modify, limit, or supersede 15 USC 7001(c) or authorize electronic delivery of any of the notices described in 15 USC 7003(b). History: 2009, Act 87, Imd. Eff. Sept. 10, 2009
MI Comp L § 451.930 (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 87 of 2009 - Uniform Prudent Management of Institutional Funds Act (451.921 - 451.931)|Section 451.930 - Uniformity of Law.

451.930 Uniformity of law.Sec. 10.  In applying and construing this uniform act, consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. History: 2009, Act 87, Imd. Eff. Sept. 10, 2009
MI Comp L § 451.931 (2021)
2021 Michigan Compiled Laws|Chapter 451 - Securities, Real Estate, and Debt Management|Act 87 of 2009 - Uniform Prudent Management of Institutional Funds Act (451.921 - 451.931)|Section 451.931 - Applicability; Scope.

451.931 Applicability; scope.Sec. 11.  This act applies only to matters included within the meaning of the terms "institution", "institutional fund", and "person" as defined in this act. This act does not apply to or affect the validity, construction, interpretation, effect, administration, or management of any other trust, estate, or applicable governing instrument. History: 2009, Act 87, Imd. Eff. Sept. 10, 2009
MI Comp L § 453.1 (2021)
2021 Michigan Compiled Laws|Chapter 453 - Agricultural Associations|Act 68 of 1875 - Granges (453.1 - 453.9)|Section 453.1 - Granges; Incorporation.

453.1 Granges; incorporation. Sec. 1.  That state, county, or district and subordinate granges of the order of the patrons of husbandry in the state of Michigan may be incorporated under the provisions of this act. History: 1875, Act 68, Imd. Eff. Apr. 8, 1875 ;-- How. 2332 ;-- CL 1897, 6001 ;-- CL 1915, 7909 ;-- CL 1929, 10193 ;-- CL 1948, 453.1
MI Comp L § 453.2 (2021)
2021 Michigan Compiled Laws|Chapter 453 - Agricultural Associations|Act 68 of 1875 - Granges (453.1 - 453.9)|Section 453.2 - State Granges; Incorporators; Articles of Association, Contents.

453.2 State granges; incorporators; articles of association, contents. Sec. 2.  Any 13 or more persons, residents of this state, and of lawful age, and members of a state grange of the patrons of husbandry of the state of Michigan, and appointed for that purpose by the executive committee of said state grange, may, under the direction of said executive committee, for the purpose of incorporating a state grange of the order of the patrons of husbandry, make and execute articles of association under their hands and seals, which articles shall be acknowledged before some officer having authority to take the acknowledgment of deeds, and shall set forth:  First, The names of the persons so associating in the first instance, and their places of residence;  Second, The corporate name by which such association shall be known in the law, and the place or places which shall be deemed to be the place of its business office;  Third, The object and purpose of such corporation, which shall be to advance the social, moral, intellectual, and material interests of the members of the corporation;  Fourth, The period of the existence of the corporation, which shall not exceed 30 years. History: 1875, Act 68, Imd. Eff. Apr. 8, 1875 ;-- How. 2333 ;-- CL 1897, 6002 ;-- CL 1915, 7910 ;-- CL 1929, 10194 ;-- CL 1948, 453.2
MI Comp L § 453.3 (2021)
2021 Michigan Compiled Laws|Chapter 453 - Agricultural Associations|Act 68 of 1875 - Granges (453.1 - 453.9)|Section 453.3 - State Granges; Articles, Proof of Execution.

453.3 State granges; articles, proof of execution. Sec. 3.  Such articles of association shall have indorsed thereon, or annexed thereto, an affidavit made by not less than 3 of the signers thereof, sworn to before some officer in this state authorized to administer oaths, showing that the persons whose names are signed to said articles of association are members of the state grange of the patrons of husbandry, and that they have been appointed by the executive committee of said state grange to make and execute said articles for the purpose of incorporating a state grange, as aforesaid, and that such articles of association are made and executed in accordance with the direction of said executive committee. History: 1875, Act 68, Imd. Eff. Apr. 8, 1875 ;-- How. 2334 ;-- CL 1897, 6003 ;-- CL 1915, 7911 ;-- CL 1929, 10195 ;-- CL 1948, 453.3
MI Comp L § 453.4 (2021)
2021 Michigan Compiled Laws|Chapter 453 - Agricultural Associations|Act 68 of 1875 - Granges (453.1 - 453.9)|Section 453.4 - State Grange; Filing Articles, Certificate, and Affidavit; Body Politic and Corporate; Powers; Limitation on Property.

453.4 State grange; filing articles, certificate, and affidavit; body politic and corporate; powers; limitation on property. Sec. 4.  A copy of said articles of association, and of the certificate of acknowledgment thereof, and of said affidavit, with an affidavit thereto attached, showing the same to be true copies of said original articles, certificate, and affidavit, which affidavit so attached shall be made by 1 or more of the signers of said articles, shall be filed with the corporation and securities bureau of the department of commerce, and thereupon the persons who shall have signed said articles of association, their associates and successors being masters of the subordinate granges of the order of the patrons of husbandry in this state, together with such other persons, if any, as shall be designated for that purpose in the articles of association aforesaid, shall be a body politic and corporate, under and by the name expressed in such articles of association; it being hereby intended and provided that the persons who shall be the members and compose the corporation created as aforesaid, shall be composed of the persons signing such articles of association as aforesaid, and all the other masters of the subordinate granges of the patrons of husbandry in this state, during their continuance in office as such masters, and until their successors in office shall be chosen and enter upon the duties of their offices, together with such other persons as may be designated for that purpose in such articles of association as aforesaid; and the corporation formed under such articles of association as aforesaid, shall by the name designated in such articles, have succession, and be capable of suing and being sued, of contracting and being contracted with, and of purchasing, receiving, and holding real and personal estate by deed, gift, grant, or devise, and may have a common seal and may alter the same at pleasure, and shall have full power to give, grant, convey, lease, mortgage, sell, and dispose of any and all of such real and personal estate; but the rents, income and proceeds of all such property and estate shall be devoted exclusively to the objects for which the corporation is formed; and the amount of the real and personal estate owned by such corporation at any 1 time, shall not exceed the sum of $100,000.00 in value. History: 1875, Act 68, Imd. Eff. Apr. 8, 1875 ;-- How. 2335 ;-- CL 1897, 6004 ;-- CL 1915, 7912 ;-- CL 1929, 10196 ;-- CL 1948, 453.4 ;-- Am. 1982, Act 471, Eff. Mar. 30, 1983
MI Comp L § 453.5 (2021)
2021 Michigan Compiled Laws|Chapter 453 - Agricultural Associations|Act 68 of 1875 - Granges (453.1 - 453.9)|Section 453.5 - State Grange; Officers, Agents; Rules, By-Laws; Business Office.

453.5 State grange; officers, agents; rules, by-laws; business office. Sec. 5.  Such corporation shall have power and authority to designate, elect, and appoint from its members such officers and agents, under such name and style, as shall be in accordance with the constitution of the national grange of the order of the patrons of husbandry, and as shall be provided for by the articles of association or by-laws (or both) of the corporation, and such corporation shall have authority to make all such rules, regulations, and by-laws, not repugnant to law, or to the constitution and regulations of the national grange of the order of the patrons of husbandry, as may be necessary and convenient for the regulation, management, and government of the affairs, business, property, and interests of the corporation; and such corporation may change the location of its business office whenever desirable. History: 1875, Act 68, Imd. Eff. Apr. 8, 1875 ;-- How. 2336 ;-- CL 1897, 6005 ;-- CL 1915, 7913 ;-- CL 1929, 10197 ;-- CL 1948, 453.5
MI Comp L § 453.6 (2021)
2021 Michigan Compiled Laws|Chapter 453 - Agricultural Associations|Act 68 of 1875 - Granges (453.1 - 453.9)|Section 453.6 - State Grange; Articles, Certified Copy as Evidence.

453.6 State grange; articles, certified copy as evidence. Sec. 6.  A copy of the record of the articles of association of every such corporation formed as aforesaid, filed in the office of the secretary of state, and certified by him under the seal of state, shall be received in all courts and places as prima facie evidence of the existence and due incorporation of such corporation. History: 1875, Act 68, Imd. Eff. Apr. 8, 1875 ;-- How. 2337 ;-- CL 1897, 6006 ;-- CL 1915, 7914 ;-- CL 1929, 10198 ;-- CL 1948, 453.6
MI Comp L § 453.7 (2021)
2021 Michigan Compiled Laws|Chapter 453 - Agricultural Associations|Act 68 of 1875 - Granges (453.1 - 453.9)|Section 453.7 - Subordinate Granges; Execution and Acknowledgment of Articles; Filing Articles and Charter; Body Politic and Corporate; Powers; Limitation on Property; Certified Copy of Articles and Charter as Evidence.

453.7 Subordinate granges; execution and acknowledgment of articles; filing articles and charter; body politic and corporate; powers; limitation on property; certified copy of articles and charter as evidence. Sec. 7.  Any 13 or more persons, of lawful age, residents of this state, and being members of any county, district, or subordinate grange of the patrons of husbandry, duly chartered by the national or state grange, by charter approved by the state grange, desirous to become incorporated, may make and execute articles of association, specifying therein, as provided in section 2 of this act, and acknowledge the same as specified in said section 2, and file a copy of such articles, together with a copy of the charter granted as aforesaid by said national or state grange, with the corporation and securities bureau of the department of commerce, and thereupon, the persons who shall have signed such articles of association together with their associates and successors who shall sign such articles, shall be a body politic and corporate, by the name expressed in such articles of association, and by that name they and their successors shall have succession, and by that name may sue and be sued, contract and be contracted with, and may have a common seal which they may alter at pleasure, and may purchase, take, receive, own, and hold, real and personal estate, and the same or any part thereof grant, sell, mortgage, lease, and convey, at pleasure. But every such corporation shall be limited as to the amount of estate which it may hold, and the disposition to be made thereof, and of the income and proceeds therefrom, by the provisions of section 4 of this act, and a copy of the record of the articles of association, and of the charter thereto attached, certified by the corporation and securities bureau of the department of commerce, shall be received in all courts and places in this state as prima facie evidence of the existence and due incorporation of every grange incorporated under this section. History: 1875, Act 68, Imd. Eff. Apr. 8, 1875 ;-- Am. 1877, Act 98, Eff. Aug. 21, 1877 ;-- How. 2338 ;-- CL 1897, 6007 ;-- CL 1915, 7915 ;-- CL 1929, 10199 ;-- CL 1948, 453.7 ;-- Am. 1982, Act 471, Eff. Mar. 30, 1983
MI Comp L § 453.8 (2021)
2021 Michigan Compiled Laws|Chapter 453 - Agricultural Associations|Act 68 of 1875 - Granges (453.1 - 453.9)|Section 453.8 - Subordinate Granges; By-Laws, Rules; Business Office, Location; Capital Stock.

453.8 Subordinate granges; by-laws, rules; business office, location; capital stock. Sec. 8.  Every county, district, and subordinate grange incorporated under this act, shall have power and authority to designate, elect, and appoint from its members such officers, under such name and style as shall be in accordance with the constitution of the national grange, and the regulations of the state grange, and as may be provided for in the articles of association or by-laws of the corporation; and shall also have authority to make all such by-laws, rules, and regulations, not repugnant to the laws of the United States or of this state, nor repugnant to the constitution and regulations of the national grange or state grange, as may be necessary and convenient for the regulation, management, and government of the affairs, business, property, and interests of the corporation; and may change the location of its business office whenever expedient, but notice of such change shall be filed and recorded in the office of the county clerk, where the record of its articles of association are kept. And every corporation organized under this act may, for the purpose of effecting the objects and purposes of the corporation, create a capital stock, and divide the same into convenient shares, and make all such rules and regulations in respect to the same, and the management thereof, and for the collection of assessments and calls upon such shares, as may be expedient. History: 1875, Act 68, Imd. Eff. Apr. 8, 1875 ;-- How. 2339 ;-- CL 1897, 6008 ;-- CL 1915, 7916 ;-- CL 1929, 10200 ;-- CL 1948, 453.8
MI Comp L § 453.9 (2021)
2021 Michigan Compiled Laws|Chapter 453 - Agricultural Associations|Act 68 of 1875 - Granges (453.1 - 453.9)|Section 453.9 - Governing Law.

453.9 Governing law. Sec. 9.  All corporations formed under this act, shall, in all things not herein otherwise provided, be subject to the provisions of chapter 130 of the Compiled Laws of 1871, so far as the same may be applicable to corporations formed under this act, and the legislature may alter or amend this act at any time. History: 1875, Act 68, Imd. Eff. Apr. 8, 1875 ;-- How. 2340 ;-- CL 1897, 6009 ;-- CL 1915, 7917 ;-- CL 1929, 10201 ;-- CL 1948, 453.9 Compiler's Notes: For provisions of chapter 130 of the Compiled Laws of 1871, referred to in this section, see MCL 450.504 et seq.
MI Comp L § 453.51 (2021)
2021 Michigan Compiled Laws|Chapter 453 - Agricultural Associations|Act 180 of 1849 - Michigan State Agricultural Society (453.51 - 453.53)|Section 453.51 - Michigan State Agricultural Society; Incorporation.

453.51 Michigan state agricultural society; incorporation. Sec. 1.  That all persons who now are, or may hereafter become associated for the purposes of this act, are hereby constituted a body corporate by the name of the “Michigan state agricultural society,” for the purpose of promoting the improvement of agriculture and its kindred arts. History: 1849, Act 180, Imd. Eff. Mar. 31, 1849 ;-- CL 1857, 1680 ;-- CL 1871, 2156 ;-- How. 2288 ;-- CL 1897, 5939 ;-- CL 1915, 7815 ;-- CL 1929, 10202 ;-- CL 1948, 453.51