Michigan Laws 14.285 – Termination or dissolution of private foundation trust; consent of attorney general
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(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 dissolution.
Terms Used In Michigan Laws 14.285
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
- 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. See Michigan Laws 14.272
- Trust: means an express trust created by a trust instrument, including a will. See Michigan Laws 14.272
(b) Makes provision for retention of all its books and records with some suitable person.
(c) Provides the attorney general, at his request, all papers, documents, reports, statements or other information he deems necessary to consent to the termination or dissolution.
(d) Distributes its assets in a manner that avoids taxation under the internal revenue code.
(2) If the attorney general does not consent in accordance with subsection (1), the trust shall be terminated only with consent of a court of competent jurisdiction in an action to which the attorney general is an indispensable party.