Michigan Compiled Laws
Chapter 390 - Universities and Colleges
Act 316 of 1986 - Michigan Education Trust Act (390.1421 - 390.1444)

Section 390.1421 - Short Title. - Sec. 1. This act shall be known and may be...

Section 390.1422 - Legislative Finding and Declaration. - Sec. 2. The legislature hereby finds and declares the following:...

Section 390.1423 - Purposes of Act and Michigan Education Trust. - Sec. 3. In light of the findings described in section...

Section 390.1424 - Definitions. - Sec. 4. As used in this act, except where the...

Section 390.1425 - Michigan Education Trust; Creation; Exercise of Powers, Duties, and Functions. - Sec. 5. (1) There is created a public body corporate...

Section 390.1426 - Advance Tuition Payment Contract Generally. - Sec. 6. (1) The trust, on behalf of itself and...

Section 390.1427 - Plan a and Plan B. - Sec. 7. (1) At a minimum, the trust shall offer...

Section 390.1428 - Termination of Advance Tuition Payment Contract; Refund. - Sec. 8. (1) An advance tuition payment contract shall authorize...

Section 390.1429 - 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. - Sec. 9. (1) There is created under the jurisdiction and...

Section 390.1430 - 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;... - Sec. 10. (1) The board shall consist of the state...

Section 390.1431 - Additional Powers of Board. - Sec. 11. In addition to the powers granted by other...

Section 390.1432 - Accounting of Trust Generally. - Sec. 12. The board shall annually prepare or cause to...

Section 390.1433 - Actuarial Soundness of Trust; Ruling or Opinion Internal Revenue Service; Answer From Securities and Exchange Commission; Making Status of Request Known. - Sec. 13. (1) The trust shall be administered in a...

Section 390.1434 - Enforcement of Act and Contract. - Sec. 14. State institutions of higher education, purchasers, and qualified...

Section 390.1435 - Exemption From Taxation. - Sec. 15. The property of the trust and its income...

Section 390.1436 - Contracting Services Necessary for Management and Operation of Trust; Instituting Programs to Ensure Full Tuition Prepayment Plans; Report to Legislature. - Sec. 16. The trust, in its discretion, may contract with...

Section 390.1437 - Preserving, Investing, and Expending Assets of Trust. - Sec. 17. The assets of the trust shall be preserved,...

Section 390.1438 - Prohibited Promises or Guarantees. - Sec. 18. Nothing in this act or in an advance...

Section 390.1439 - Exemption of Contract From Uniform Securities Act; Sale or Transfer of Contract. - Sec. 19. An advance tuition payment contract is exempt from...

Section 390.1440 - Payments Deductible From Taxable Income. - Sec. 20. Pursuant to section 30 of the income tax...

Section 390.1441 - Liberal Construction; Powers to Be Broadly Interpreted. - Sec. 21. This act shall be construed liberally to effectuate...

Section 390.1442 - Severability. - Sec. 22. If any section, subsection, paragraph, clause, or provision...

Section 390.1443, 390.1444 - Repealed. 2004, Act 388, Imd. Eff. Oct. 12, 2004. - Compiler's Notes: The repealed sections pertained to condition to entering...