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Michigan Laws > Chapter 390 > Act 316 of 1986 - Michigan Education Trust Act

^{Current as of: 2009}

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§ 390.1421	Short title
§ 390.1422	Legislative finding and declaration
§ 390.1423	Purposes of act and Michigan education trust
§ 390.1424	Definitions
§ 390.1425	Michigan education trust; creation; exercise of powers, duties, and functions
§ 390.1426	Advance tuition payment contract generally
§ 390.1427	Plan A and Plan B
§ 390.1428	Termination of advance tuition payment contract; refund
§ 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
§ 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; condu
§ 390.1431	Additional powers of board
§ 390.1432	Accounting of trust generally
§ 390.1433	Actuarial soundness of trust; ruling or opinion internal revenue service; answer from securities and exchange commission; making status of request known
§ 390.1434	Enforcement of act and contract
§ 390.1435	Exemption from taxation
§ 390.1436	Contracting services necessary for management and operation of trust; instituting programs to ensure full tuition prepayment plans; report to legislature
§ 390.1437	Preserving, investing, and expending assets of trust
§ 390.1438	Prohibited promises or guarantees
§ 390.1439	Exemption of contract from uniform securities act; sale or transfer of contract
§ 390.1440	Payments deductible from taxable income
§ 390.1441	Liberal construction; powers to be broadly interpreted
§ 390.1442	Severability
§ 390.1443, 390.1444	Repealed. 2004, Act 388, Imd. Eff. Oct. 12, 2004