Sec. 17.
The assets of the trust shall be preserved, invested, and expended solely pursuant to and for the purposes set forth in this act and shall not be loaned or otherwise transferred or used by the state for any purpose other than the purposes of this act. This section shall not be construed to prohibit the trust from investing in, by purchase or otherwise, bonds, notes, or other obligations of the state, an agency of the state, or an instrumentality of the state.
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Section 390.1443, 390.1444 - Repealed. 2004, Act 388, Imd.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.