2010 Michigan Compiled Laws
CHARITABLE TRUSTEES POWERS ACT (EXCERPT)
Chapter 14 - ATTORNEY GENERAL
Act 78 of 1971 - CHARITABLE TRUSTEES POWERS ACT (14.271 - 14.287)
Section 14.272 - Definitions.
Act 78 of 1971
As used in this act:
(a) “IRC” means the internal revenue code of 1954 as in effect on January 1, 1970.
(b) “Private foundation trust” means a trust, including a trust described in section 4947(a)(1) of the IRC, as defined in section 509(a) of the IRC.
(c) “Public charitable organization” means an organization described in section 509(a)(1), (2) or (3) of the IRC and exempt from tax under section 501(a) of the IRC.
(d) “Split interest trust” means a trust for individual and charitable beneficiaries that is subject to section 4947(a)(2) of the IRC.
(e) “Trust” means an express trust created by a trust instrument, including a will.
(f) “Trustee” means the trustee or person possessing a power referred to in this act.
History: 1971, Act 78, Imd. Eff. July 31, 1971
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