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Act 316 of 1986
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MICHIGAN EDUCATION TRUST ACT

Act 316 of 1986

AN ACT to create the Michigan education trust; to prescribe the powers and duties of the trust and of its board of directors; to provide for advance tuition payment contracts; to establish an advance tuition payment fund and to provide for its administration; to provide for remedies; and to repeal certain acts and parts of acts on specific dates.


History: 1986, Act 316, Imd. Eff. Dec. 23, 1986


© 2009 Legislative Council, State of Michigan

The People of the State of Michigan enact:

DocumentTypeDescription
Section 390.1421SectionShort title.
Section 390.1422SectionLegislative finding and declaration.
Section 390.1423SectionPurposes of act and Michigan education trust.
Section 390.1424SectionDefinitions.
Section 390.1425SectionMichigan education trust; creation; exercise of powers, duties, and functions.
Section 390.1426SectionAdvance tuition payment contract generally.
Section 390.1427SectionPlan A and Plan B.
Section 390.1428SectionTermination of advance tuition payment contract; refund.
Section 390.1429SectionAdvance 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 390.1430SectionBoard; 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 390.1431SectionAdditional powers of board.
Section 390.1432SectionAccounting of trust generally.
Section 390.1433SectionActuarial soundness of trust; ruling or opinion internal revenue service; answer from securities and exchange commission; making status of request known.
Section 390.1434SectionEnforcement of act and contract.
Section 390.1435SectionExemption from taxation.
Section 390.1436SectionContracting services necessary for management and operation of trust; instituting programs to ensure full tuition prepayment plans; report to legislature.
Section 390.1437SectionPreserving, investing, and expending assets of trust.
Section 390.1438SectionProhibited promises or guarantees.
Section 390.1439SectionExemption of contract from uniform securities act; sale or transfer of contract.
Section 390.1440SectionPayments deductible from taxable income.
Section 390.1441SectionLiberal construction; powers to be broadly interpreted.
Section 390.1442SectionSeverability.
Section 390.1443, 390.1444SectionRepealed. 2004, Act 388, Imd. Eff. Oct. 12, 2004.