MICHIGAN EDUCATION TRUST ACT

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Section 390.1443, 390.1444 - [Repealed]