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 390.1427 – Plan a and Plan B.
390.1427 Plan A and Plan B. Sec. 7. (1) At a minimum, the trust shall offer 1 of the 2 types of advance tuition payment contracts set forth in subsections (2) and (3), to be known as Plan A and Plan B, respectively. (2) Under Plan A: (a) A payment or series of payments shall […]
Section 390.1428 – Termination of Advance Tuition Payment Contract; Refund.
390.1428 Termination of advance tuition payment contract; refund. Sec. 8. (1) An advance tuition payment contract shall authorize a termination of the contract when any 1 of the following occurs: (a) The qualified beneficiary dies. (b) The qualified beneficiary is not admitted to a state institution of higher education after making proper application. (c) The […]
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.
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. Sec. 9. (1) There is created under the jurisdiction and control of the board an advance tuition payment fund. Payments received by the trust from […]
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.
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. Sec. 10. (1) The board shall consist of the state treasurer, and 8 […]
Section 390.1431 – Additional Powers of Board.
390.1431 Additional powers of board. Sec. 11. In addition to the powers granted by other provisions of this act, the board shall have the powers necessary or convenient to carry out and effectuate the purposes, objectives, and provisions of this act, the purposes and objectives of the trust, and the powers delegated by other laws […]
Section 390.1432 – Accounting of Trust Generally.
390.1432 Accounting of trust generally. Sec. 12. The board shall annually prepare or cause to be prepared an accounting of the trust and shall transmit a copy of the accounting to the governor, the majority leader of the senate, the speaker of the house of representatives, and the respective minority leaders of the senate and […]
Section 390.1423 – Purposes of Act and Michigan Education Trust.
390.1423 Purposes of act and Michigan education trust. Sec. 3. In light of the findings described in section 2, the legislature declares the purposes of this act and of the Michigan education trust created by this act to be: (a) To encourage education and the means of education. (b) To maintain state institutions of higher […]
Section 390.1424 – Definitions.
390.1424 Definitions. Sec. 4. As used in this act, except where the context clearly requires otherwise: (a) “Advance tuition payment contract” means a contract entered into by the trust and a purchaser pursuant to section 6 to provide for the higher education of a qualified beneficiary. (b) “Board” means the board of directors of the […]
Section 390.1425 – Michigan Education Trust; Creation; Exercise of Powers, Duties, and Functions.
390.1425 Michigan education trust; creation; exercise of powers, duties, and functions. Sec. 5. (1) There is created a public body corporate and politic to be known as the Michigan education trust. The trust shall be within the department of treasury, but shall exercise its prescribed statutory powers, duties, and functions independently of the head of […]