Sec. 16.
The trust, in its discretion, may contract with others, public or private, for the provision of all or a portion of the services necessary for the management and operation of the trust. The trust shall also endeavor to work with private sector investment managers, state institutions of higher education, and independent degree-granting colleges and universities in this state to study the feasibility of instituting programs between these parties that insure full tuition payment upon purchase of a prepayment plan. The trust shall evaluate the feasibility and actuarial soundness of a prepayment plan exclusively for community and junior colleges. The board shall submit a report to the legislature before December 31, 1988 regarding its success at instituting programs between private sector investment managers, state institutions of higher education, and independent degree-granting colleges and universities of the state that insure full tuition prepayment plans.
History: 1986, Act 316, Imd. Eff. Dec. 23, 1986
Structure 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.
Section 390.1422 - Legislative Finding and Declaration.
Section 390.1423 - Purposes of Act and Michigan Education Trust.
Section 390.1424 - Definitions.
Section 390.1425 - Michigan Education Trust; Creation; Exercise of Powers, Duties, and Functions.
Section 390.1426 - Advance Tuition Payment Contract Generally.
Section 390.1427 - Plan a and Plan B.
Section 390.1428 - Termination of Advance Tuition Payment Contract; Refund.
Section 390.1431 - Additional Powers of Board.
Section 390.1432 - Accounting of Trust Generally.
Section 390.1434 - Enforcement of Act and Contract.
Section 390.1435 - Exemption From Taxation.
Section 390.1437 - Preserving, Investing, and Expending Assets of Trust.
Section 390.1438 - Prohibited Promises or Guarantees.
Section 390.1439 - Exemption of Contract From Uniform Securities Act; Sale or Transfer of Contract.
Section 390.1440 - Payments Deductible From Taxable Income.
Section 390.1441 - Liberal Construction; Powers to Be Broadly Interpreted.
Section 390.1442 - Severability.
Section 390.1443, 390.1444 - Repealed. 2004, Act 388, Imd. Eff. Oct. 12, 2004.