Section 390.1443, 390.1444 – Repealed. 2004, Act 388, Imd. Eff. Oct. 12, 2004.
390.1443, 390.1444 Repealed. 2004, Act 388, Imd. Eff. Oct. 12, 2004. Compiler’s Notes: The repealed sections pertained to condition to entering contract and conditional repeal of act.
Section 390.1440 – Payments Deductible From Taxable Income.
390.1440 Payments deductible from taxable income. Sec. 20. Pursuant to section 30 of the income tax act of 1967, Act No. 281 of the Public Acts of 1967, being section 206.30 of the Michigan Compiled Laws, the purchaser may deduct from taxable income the following payments made by the purchaser in the tax year: (a) […]
Section 390.1441 – Liberal Construction; Powers to Be Broadly Interpreted.
390.1441 Liberal construction; powers to be broadly interpreted. Sec. 21. This act shall be construed liberally to effectuate the legislative intent, the purposes of the act, and as complete and independent authority for the performance of each and every act and thing authorized in the act, and all powers granted in the act shall be […]
Section 390.1442 – Severability.
390.1442 Severability. Sec. 22. If any section, subsection, paragraph, clause, or provision of this act shall be adjudged unconstitutional or ineffective, no other section, subsection, paragraph, clause, or provision of this act shall on account thereof be considered invalid or ineffective, and the applicability or invalidity of any section, subsection, paragraph, clause, or provision of […]
Section 390.1433 – Actuarial Soundness of Trust; Ruling or Opinion Internal Revenue Service; Answer From Securities and Exchange Commission; Making Status of Request Known.
390.1433 Actuarial soundness of trust; ruling or opinion internal revenue service; answer from securities and exchange commission; making status of request known. Sec. 13. (1) The trust shall be administered in a manner reasonably designed to be actuarially sound such that the assets of the trust will be sufficient to defray the obligations of the […]
Section 390.1434 – Enforcement of Act and Contract.
390.1434 Enforcement of act and contract. Sec. 14. State institutions of higher education, purchasers, and qualified beneficiaries may enforce this act and any contract entered into pursuant to this act in the circuit court for Ingham county. History: 1986, Act 316, Imd. Eff. Dec. 23, 1986
Section 390.1435 – Exemption From Taxation.
390.1435 Exemption from taxation. Sec. 15. The property of the trust and its income and operation shall be exempt from all taxation by this state or any of its political subdivisions. History: 1986, Act 316, Imd. Eff. Dec. 23, 1986
Section 390.1436 – Contracting Services Necessary for Management and Operation of Trust; Instituting Programs to Ensure Full Tuition Prepayment Plans; Report to Legislature.
390.1436 Contracting services necessary for management and operation of trust; instituting programs to ensure full tuition prepayment plans; report to legislature. Sec. 16. The trust, in its discretion, may contract with others, public or private, for the provision of all or a portion of the services necessary for the management and operation of the trust. […]
Section 390.1437 – Preserving, Investing, and Expending Assets of Trust.
390.1437 Preserving, investing, and expending assets of trust. Sec. 17. The assets of the trust shall be preserved, invested, and expended solely pursuant to and for the purposes set forth in this act and shall not be loaned or otherwise transferred or used by the state for any purpose other than the purposes of this […]
Section 390.1438 – Prohibited Promises or Guarantees.
390.1438 Prohibited promises or guarantees. Sec. 18. Nothing in this act or in an advance tuition payment contract entered into pursuant to this act shall be construed as a promise or guarantee by the trust or the state that a person will be admitted to a state institution of higher education or to a particular […]