Mich. Admin. Code R. 169.65 - Dissolution; disposition of assets

Rule 65.

(1) Dissolution of an officeholder's expense fund shall consist of a report that covers the period from the closing date of the last report filed by the officeholder's expense fund to the date of dissolution.

(2) After an official leaves public office, his or her officeholder's expense fund shall not accept donations or make disbursements, except to dispose of debts incurred before the date on which the official leaves public office.

(3) An asset purchased with money donated to an officeholder's expense fund which is no longer used in a manner incidental to office, either during an official's term of office or when the official leaves public office, shall be sold at fair market value. A public official may purchase, at fair market value, an asset acquired by the official's officeholder's expense fund. As used in this subrule, "fair market value" is the price that an asset of like type, quality, age, and quantity would bring in a particular market at the time of acquisition.

(4) A public official may transfer any unexpended money from one officeholder's expense fund to another officeholder's expense fund held by the same public official pursuant to the provisions of section 45(1) of the act.

Notes

Mich. Admin. Code R. 169.65

1989 AACS