Article IX
Sec. 37: The Michigan veterans’ trust fund is established within the department of treasury. All money in the fund established by Act No. 9 of the Public Acts of the First Extra Session of 1946 shall be transferred to the Michigan veterans’ trust fund. The trust fund may additionally receive appropriations, money, or other things of value. The state treasurer shall direct investment of the fund, and credit interest and earnings of the fund to the fund. Except for the state treasurer’s actions authorized under this section, an expenditure or transfer of a trust fund asset, interest, or earnings may be made only upon the authorization of a majority of the members of the Michigan veterans’ trust fund board of trustees.
Sec. 38: The Michigan veterans’ trust fund board of trustees is established and consists of veterans honorably discharged from the armed services and appointed by the governor as prescribed by law.
Sec. 39: The Michigan veterans’ trust fund board of trustees shall administer the Michigan veterans’ trust fund. The board of trustees shall not authorize the expenditure or transfer of a trust fund asset, interest, or earnings unless the board of trustees determines in its discretion and by a majority vote that the expenditure or transfer is for the benefit of veterans or their spouses or dependents.
