Section 14.271 – Short Title.
14.271 Short title. Sec. 1. This act shall be known and may be cited as the “charitable trustees powers act”. History: 1971, Act 78, Imd. Eff. July 31, 1971
Section 14.287 – Interpretation of Act.
14.287 Interpretation of act. Sec. 17. This act shall be interpreted to effectuate the intent of this state to preserve, foster and encourage gifts to or for the benefit of public charitable organizations. History: 1971, Act 78, Imd. Eff. July 31, 1971
Section 14.272 – Definitions.
14.272 Definitions. Sec. 2. 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 […]
Section 14.273 – Applicability of Act.
14.273 Applicability of act. Sec. 3. The provisions of this act that are applicable to a split interest trust, a private foundation trust, public charitable organization or any other trust, apply to such entities, whether created before or after the effective date of this act. History: 1971, Act 78, Imd. Eff. July 31, 1971
Section 14.274 – Trustee of Private Foundation or Split Interest Trust; Duties, and Powers Generally.
14.274 Trustee of private foundation or split interest trust; duties, and powers generally. Sec. 4. Except as provided in section 7, a trustee of a private foundation trust or a split interest trust has the duties and powers conferred upon him by this act. History: 1971, Act 78, Imd. Eff. July 31, 1971
Section 14.275 – Tax Exemption, Deduction, or Credit; Distributions; Prohibited Conduct.
14.275 Tax exemption, deduction, or credit; distributions; prohibited conduct. Sec. 5. (1) In the exercise of his powers including the powers granted by this act, a trustee has a duty to act with due regard to his obligation as a fiduciary, including a duty not to exercise any power in such a way as to […]
Section 14.276 – Split Interest Trust; Applicability of Section 14.275(3)(b) and (C).
14.276 Split interest trust; applicability of section 14.275(3)(b) and (c). Sec. 6. Subdivisions (b) and (c) of subsection (3) of section 5 do not apply to a split interest trust if: (a) All the income interest, and none of the remainder interest, of the trust is devoted solely to 1 or more of the purposes […]
Section 14.277 – Distributions; Trust Investment More Restrictive Than or Inconsistent With This Act; Notice to Attorney General.
14.277 Distributions; trust investment more restrictive than or inconsistent with this act; notice to attorney general. Sec. 7. If a trustee determines that the governing instrument contains provisions, in case of a power to make distributions, which are more restrictive than subsection (2) of section 5, or if the trust contains other powers which specifically […]
Section 14.278 – Amendment of Trust Instrument.
14.278 Amendment of trust instrument. Sec. 8. (1) In the case of a trust which is solely for named public charitable organizations and as to which the trustee does not possess any discretion with regard to the distribution of income or principal among 2 or more organizations, the trustee, with the consent of the named […]
Section 14.279 – Trustee; Relief From Restrictions of Trust Instrument.
14.279 Trustee; relief from restrictions of trust instrument. Sec. 9. This act does not affect the power of a court of competent jurisdiction for cause shown, upon petition of the trustee, attorney general or affected beneficiary and upon appropriate notice to the affected parties and the attorney general, to relieve a trustee from any restriction […]