2010 Michigan Compiled Laws
Chapter 390 - UNIVERSITIES AND COLLEGES
Act 316 of 1986 - MICHIGAN EDUCATION TRUST ACT (390.1421 - 390.1444)

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

• 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.