Michigan Compiled Laws Act 78 Of 1971 Charitable Trustees Powers Act (14.271 - 14.287)

• Section 14.271 Short Title.
  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.
  As used in this act: (a) “IRC” means the internal revenue code of 1954 as in effect on January 1, 1970. (b) “Private foundation...
• Section 14.273 Applicability Of Act.
  The provisions of this act that are applicable to a split interest trust, a private foundation trust, public charitable organization or any other trust,...
• Section 14.274 Trustee Of Private Foundation Or Split Interest Trust; Duties, And Powers Generally.
  Except as provided in section 7, a trustee of a private foundation trust or a split interest trust has the duties and powers conferred...
• Section 14.275 Tax Exemption, Deduction, Or Credit; Distributions; Prohibited Conduct.
  (1) In the exercise of his powers including the powers granted by this act, a trustee has a duty to act with due regard...
• Section 14.276 Split Interest Trust; Applicability Of Section 14.275(3)(b) And (C).
  Subdivisions (b) and (c) of subsection (3) of section 5 do not apply to a split interest trust if: (a) All the income interest,...
• Section 14.277 Distributions; Trust Investment More Restrictive Than Or Inconsistent With This Act; Notice To Attorney General.
  If a trustee determines that the governing instrument contains provisions, in case of a power to make distributions, which are more restrictive than subsection...
• Section 14.278 Amendment Of Trust Instrument.
  (1) In the case of a trust which is solely for named public charitable organizations and as to which the trustee does not possess...
• Section 14.279 Trustee; Relief From Restrictions Of Trust Instrument.
  This act does not affect the power of a court of competent jurisdiction for cause shown, upon petition of the trustee, attorney general or...
• Section 14.280 Trustee; Release Of Power To Select Charitable Donee.
  (1) Unless the creating instrument expressly provides otherwise, the trustee of a trust, all of the unexpired interests in which are devoted to 1...
• Section 14.281 Delivery Of Release; Effect Of Specifying Public Charitable Organization As Beneficiary.
  (1) Delivery of a release is accomplished as follows: (a) If the release is accomplished by specifying public charitable organizations as beneficiaries of the...
• Section 14.282 Public Charitable Trust; Supervision By Specified Public Charitable Organization.
  A trustee of a trust for the benefit of a public charitable organization, with the consent of such organization, may come under subsection (2)...
• Section 14.283 Filing Copy Of Trust Instrument And Report With Specified Public Charitable Organization.
  The trustee of a trust subject to supervision by a specified public charitable organization, as provided in subsection (2) of section 11, shall file...
• Section 14.284 Effect Of Delivery Of Release And Acceptance Thereof; Supervisory Authority Of Public Charitable Organization.
  (1) The trustee, by delivery of the release or execution of the election, and each specified public charitable organization, by accepting delivery of the...
• Section 14.285 Termination Or Dissolution Of Private Foundation Trust; Consent Of Attorney General.
  (1) The attorney general may consent to termination or dissolution of a private foundation trust without the necessity of court proceedings if the trust...
• Section 14.286 Action To Enforce Act.
  The attorney general may bring an action in the circuit court for the county where the charitable trust is located or in the circuit...
• Section 14.287 Interpretation Of Act.
  This act shall be interpreted to effectuate the intent of this state to preserve, foster and encourage gifts to or for the benefit of...

Last modified: October 10, 2016