Michigan Laws 390.1432 – Accounting of trust generally
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Terms Used In Michigan Laws 390.1432
- Board: means the board of directors of the Michigan education trust described in section 10. See Michigan Laws 390.1424
- Majority leader: see Floor Leaders
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
- Trust: means the Michigan education trust created in section 5. See Michigan Laws 390.1424
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 house of representatives. The board shall also make available the accounting of the trust to the purchasers of the trust. The accounts of the board shall be subject to annual audits by the state auditor general or a certified public accountant appointed by the auditor general.