14.285 Termination or dissolution of private foundation trust; consent of attorney general.
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14.285 Termination or dissolution of private foundation trust; consent of attorney general.
Sec. 15.
(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.
(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.
History: 1971, Act 78, Imd. Eff. July 31, 1971