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 14.272 – 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 […]

Section 14.280 – Trustee; Release of Power to Select Charitable Donee.

14.280 Trustee; release of power to select charitable donee. Sec. 10. (1) Unless the creating instrument expressly provides otherwise, the trustee of a trust, all of the unexpired interests in which are devoted to 1 or more charitable purposes, may release a power to select a charitable donee. (2) The release of a power to […]

Section 14.281 – Delivery of Release; Effect of Specifying Public Charitable Organization as Beneficiary.

14.281 Delivery of release; effect of specifying public charitable organization as beneficiary. Sec. 11. (1) Delivery of a release is accomplished as follows: (a) If the release is accomplished by specifying public charitable organizations as beneficiaries of the trust, by delivery of a copy of the release to each designated public charitable organization. (b) If […]

Section 14.282 – Public Charitable Trust; Supervision by Specified Public Charitable Organization.

14.282 Public charitable trust; supervision by specified public charitable organization. Sec. 12. A trustee of a trust for the benefit of a public charitable organization, with the consent of such organization, may come under subsection (2) of section 11 by filing an election, accompanied by the consent, with the attorney general. Thereafter, the trust is […]

Section 14.283 – Filing Copy of Trust Instrument and Report With Specified Public Charitable Organization.

14.283 Filing copy of trust instrument and report with specified public charitable organization. Sec. 13. The trustee of a trust subject to supervision by a specified public charitable organization, as provided in subsection (2) of section 11, shall file with each specified public charitable organization, (a) a true copy of the governing instrument together with […]

Section 14.284 – Effect of Delivery of Release and Acceptance Thereof; Supervisory Authority of Public Charitable Organization.

14.284 Effect of delivery of release and acceptance thereof; supervisory authority of public charitable organization. Sec. 14. (1) The trustee, by delivery of the release or execution of the election, and each specified public charitable organization, by accepting delivery of the release as provided in subsection (1) of section 11 or by consenting to the […]

Section 14.285 – Termination or Dissolution of Private Foundation Trust; Consent of Attorney General.

14.285 Termination or dissolution of private foundation trust; consent of attorney general. Sec. 15. (1) The attorney general may consent to termination or dissolution of a private foundation trust without the necessity of court proceedings if the trust does all of the following: (a) Gives notice to the attorney general of its intended termination or […]

Section 14.286 – Action to Enforce Act.

14.286 Action to enforce act. Sec. 16. The attorney general may bring an action in the circuit court for the county where the charitable trust is located or in the circuit court for Ingham county to do any of the following: (a) Require the trustee of a charitable trust subject to this act to comply […]

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