PocketLaw | Michigan Compiled Laws | 316 of 1986 - Michigan Education

316 of 1986 - Michigan Education Trust Act (390.1421 - 390.1444)

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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
390.1429

Advance Tuition Payment Fund; Creation; Placement of Payments in Fund; Division of Fund Into Separate Accounts; Assets of Trust; Priority of Expenditures; Investments; Compliance With Divestment From Terror Act.

Section
390.1430

Board; Appointment, Qualifications, and Terms of Members; Vacancy; Deputy; Chairperson; President and Chief Executive Officer of Trust; Vice-President of Trust; Compensation; Expenses; Delegation of Functions and Authority; Quorum; Voting; Meetings; Conducting Business at Public Meeting; Notice; Availability of Writings to Public.

Section
390.1431

Additional Powers of Board.

Section
390.1432

Accounting of Trust Generally.

Section
390.1433

Actuarial Soundness of Trust; Ruling or Opinion Internal Revenue Service; Answer From Securities and Exchange Commission; Making Status of Request Known.

Section
390.1434

Enforcement of Act and Contract.

Section
390.1435

Exemption From Taxation.

Section
390.1436

Contracting Services Necessary for Management and Operation of Trust; Instituting Programs to Ensure Full Tuition Prepayment Plans; Report to Legislature.

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390.1444 - Repealed. 2004, Act 388, Imd.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.