Sec. 15.
(1) The attorney general may consent to termination or dissolution of a private foundation trust without the necessity of court proceedings if the trust does all of the following:
(a) Gives notice to the attorney general of its intended termination or dissolution.
(b) Makes provision for retention of all its books and records with some suitable person.
(c) Provides the attorney general, at his request, all papers, documents, reports, statements or other information he deems necessary to consent to the termination or dissolution.
(d) Distributes its assets in a manner that avoids taxation under the internal revenue code.
(2) If the attorney general does not consent in accordance with subsection (1), the trust shall be terminated only with consent of a court of competent jurisdiction in an action to which the attorney general is an indispensable party.
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.