Section 500.6105 - Authority; powers.
THE INSURANCE CODE OF 1956 (EXCERPT)
Act 218 of 1956
500.6105 Authority; powers.
Sec. 6105.
The authority shall have the powers necessary or convenient to carry out and effectuate the purposes and provisions of this chapter and the purposes of the authority and the powers delegated by other laws, including, but not limited to, the power to:
(a) Sue and be sued; to have a seal and alter the same at pleasure; to have perpetual succession; to make, execute, and deliver contracts, conveyances, and other instruments necessary or convenient to the exercise of its powers; and to make and amend bylaws.
(b) Solicit and accept gifts, grants, loans, funds collected and placed in the automobile theft prevention fund, and other aids from any person or the federal, state, or a local government or any agency thereof.
(c) Make grants and investments.
(d) Procure insurance against any loss in connection with its property, assets, or activities.
(e) Invest any money held in reserve or sinking funds, or any money not required for immediate use or disbursement, at its discretion and to name and use depositories for its money.
(f) Contract for goods and services and engage personnel as is necessary, including the services of private consultants, managers, counsel, auditors, and others for rendering professional, management, and technical assistance and advice, payable out of any money of the fund legally available for this purpose.
(g) Indemnify and procure insurance indemnifying any member of the board from personal loss or accountability from liability resulting from a member's action or inaction as a member of the board.
(h) Do all other things necessary or convenient to achieve the objectives and purposes of the authority, this chapter, or other laws.
History: Add. 1992, Act 174, Imd. Eff. July 23, 1992
Compiler's Notes: Enacting section 2 of Act 174 of 1992 provides:“Section 2. Chapter 61 of Act No. 218 of the Public Acts of 1956, as added by this amendatory act, is retroactive and applies effective April 1, 1992.”Former MCL 500.6105, which pertained to powers of authority, was repealed by Act 191 of 1991, Eff. Apr. 1, 1992.
Popular Name: Act 218