MCL - Act 316 of 1986


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

The People of the State of Michigan enact:
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.