Mich. Comp. Laws § 38.1134

Sec. 14. (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.