14.277 Distributions; trust investment more restrictive than or inconsistent with this act; notice to attorney general.
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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 direct acts by the trustee that are inconsistent with subsection
(3)of section 5, the trustee shall notify the attorney general within 6 months following the effective date of this act, or when the trust becomes subject to this act, whichever last occurs and failure to notify the attorney general within 6 months renders the trust subject to this act. Sections 5 and 6 do not apply to a trust with respect to which notice has been given, unless the trust is amended to comply with this act.
History: 1971, Act 78, Imd. Eff. July 31, 1971