Section 14.281 - Delivery of release; effect of specifying public charitable organization as beneficiary. - Michigan Statutes

CHARITABLE TRUSTEES POWERS ACT (EXCERPT)
Act 78 of 1971

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 the release is accomplished by reducing the class of permissible public charitable organizations, by delivery of a copy of the release to the attorney general.

(2) If a release is accomplished by specifying a public charitable organization as beneficiary of the trust, the trust thereafter shall be operated exclusively for the benefit of and supervised by the specified public charitable organization until such time as the specified public charitable organization ceases to exist or ceases to be an exempt public charitable organization.

History: 1971, Act 78, Imd. Eff. July 31, 1971