Sec. 13.
The trusts created by this act shall not be deemed to be invalid by reason of any indefiniteness or uncertainty of the persons designated as beneficiaries in this act and agreements creating the trusts, nor shall the trusts be deemed to be invalid as violating any existing law against perpetuities or against suspension of the power of alienation of title to property or against trusts for the purpose of the accumulation of income, but each trust may continue for the amount of time that may be necessary to accomplish the purpose for which it was created.
History: 2010, Act 77, Imd. Eff. May 19, 2010
Structure Michigan Compiled Laws
Chapter 38 - Civil Service and Retirement
Act 77 of 2010 - Public Employee Retirement Health Care Funding Act (38.2731 - 38.2747)
Section 38.2731 - Short Title; Meanings of Words and Phrases.
Section 38.2732 - Definitions; D to H.
Section 38.2732a - Definitions; M to P.
Section 38.2732b - Definitions; R to V.
Section 38.2734 - Assets as Irrevocable.
Section 38.2735 - Assets; Use; Limitation.
Section 38.2736 - Assets Not Subject to Certain Processes of Law.
Section 38.2737 - Assets; Diversion for Other Purposes Prohibited.
Section 38.2739 - Written Trust Agreement; Contents.
Section 38.2740a - Health Reimbursement Account; Vesting; Rights.
Section 38.2742 - Severability.
Section 38.2743 - Trusts; Validity.
Section 38.2744 - Taxation of Assets and Income; Exemption.
Section 38.2745 - Trustee; Exception From Certain Responsibilities; Indemnification.