Sec. 2.
As used in this act:
(a) "IRC" means the internal revenue code of 1954 as in effect on January 1, 1970.
(b) "Private foundation trust" means a trust, including a trust described in section 4947(a)(1) of the IRC, as defined in section 509(a) of the IRC.
(c) "Public charitable organization" means an organization described in section 509(a)(1), (2) or (3) of the IRC and exempt from tax under section 501(a) of the IRC.
(d) "Split interest trust" means a trust for individual and charitable beneficiaries that is subject to section 4947(a)(2) of the IRC.
(e) "Trust" means an express trust created by a trust instrument, including a will.
(f) "Trustee" means the trustee or person possessing a power referred to in this act.
History: 1971, Act 78, Imd. Eff. July 31, 1971
Structure Michigan Compiled Laws
Act 78 of 1971 - Charitable Trustees Powers Act (14.271 - 14.287)
Section 14.273 - Applicability of Act.
Section 14.275 - Tax Exemption, Deduction, or Credit; Distributions; Prohibited Conduct.
Section 14.276 - Split Interest Trust; Applicability of Section 14.275(3)(b) and (C).
Section 14.278 - Amendment of Trust Instrument.
Section 14.279 - Trustee; Relief From Restrictions of Trust Instrument.
Section 14.280 - Trustee; Release of Power to Select Charitable Donee.
Section 14.282 - Public Charitable Trust; Supervision by Specified Public Charitable Organization.