MCL - Act 316 of 1986
AN ACT to create the Michigan education trust; to prescribe the powers and duties of the trust and of its board of directors; to provide for advance tuition payment contracts; to establish an advance tuition payment fund and to provide for its administration; to provide for remedies; and to repeal certain acts and parts of acts on specific dates.
History: 1986, Act 316, Imd. Eff. Dec. 23, 1986
| Document | Type | Description |
|---|---|---|
| Section 390.1421 | Section | Short title. |
| Section 390.1422 | Section | Legislative finding and declaration. |
| Section 390.1423 | Section | Purposes of act and Michigan education trust. |
| Section 390.1424 | Section | Definitions. |
| Section 390.1425 | Section | Michigan education trust; creation; exercise of powers, duties, and functions. |
| Section 390.1426 | Section | Advance tuition payment contract generally. |
| Section 390.1427 | Section | Plan A and Plan B. |
| Section 390.1428 | Section | Termination of advance tuition payment contract; refund. |
| Section 390.1429 | Section | Advance tuition payment fund; creation; placement of payments in fund; division of fund into separate accounts; assets of trust; priority of expenditures; investments; compliance with divestment from terror act. |
| Section 390.1430 | Section | Board; appointment, qualifications, and terms of members; vacancy; deputy; chairperson; president and chief executive officer of trust; vice-president of trust; compensation; expenses; delegation of functions and authority; quorum; voting; meetings; conducting business at public meeting; notice; availability of writings to public. |
| Section 390.1431 | Section | Additional powers of board. |
| Section 390.1432 | Section | Accounting of trust generally. |
| Section 390.1433 | Section | Actuarial soundness of trust; ruling or opinion internal revenue service; answer from securities and exchange commission; making status of request known. |
| Section 390.1434 | Section | Enforcement of act and contract. |
| Section 390.1435 | Section | Exemption from taxation. |
| Section 390.1436 | Section | Contracting services necessary for management and operation of trust; instituting programs to ensure full tuition prepayment plans; report to legislature. |
| Section 390.1437 | Section | Preserving, investing, and expending assets of trust. |
| Section 390.1438 | Section | Prohibited promises or guarantees. |
| Section 390.1439 | Section | Exemption of contract from uniform securities act; sale or transfer of contract. |
| Section 390.1440 | Section | Payments deductible from taxable income. |
| Section 390.1441 | Section | Liberal construction; powers to be broadly interpreted. |
| Section 390.1442 | Section | Severability. |
| Section 390.1443, 390.1444 | Section | Repealed. 2004, Act 388, Imd. Eff. Oct. 12, 2004. |