(a)

(1) A trust corporation, which shall be chartered as a not-for-profit general welfare corporation under the laws of this state, may be formed for the sole purpose of administering and providing fiduciary services for a special educational trust created for higher education, thereby benefiting all the citizens of this state.

(2) The services performed by a trust corporation formed under this part are necessarily services not otherwise generally available for such purposes, and the commissioner of financial institutions shall exempt the corporation from any requirement of title 45, chapters 1 and 2 or the rules of the department of financial institutions that would threaten the viability of the corporation, including, but not limited to, capitalization requirements, fees and procedures that are not essential to the protection of the interests of the trust beneficiaries.

(3) The trust corporation shall file its charter with the secretary of state and shall also record its charter in the office of the register of deeds in the county in which its principal office is located. The trust corporation's existence shall continue until terminated by law.

(4) It is not the purpose of the corporation to engage in commercial banking activity or private fiduciary activity except to the limited extent of acting in a fiduciary capacity for a person who creates a trust for higher education and specifically designates a trust corporation formed under this part to serve in the capacity as trustee.

(b) In addition to the general duties and powers of corporations formed under the laws of this state, a trust corporation formed under this part is authorized to:

(1) Accept funds from any person, association or corporation wishing to contribute voluntarily to the trust for higher education under which it is serving as trustee;

(2) Accept gifts of land for the benefit of the trust;

(3) Enter into contracts, trust agreements and other fiduciary instruments;

(4) Adopt, use and display a corporate seal;

(5) Adopt and amend bylaws, rules and regulations for carrying out the purpose of this part;

(6) Manage and invest money and other property for the benefit of the trust;

(7) Act in a fiduciary capacity for a person creating a trust for higher education who specifically designates the trust corporation to act as trustee; and

(8) Have the powers that are necessary and convenient to carry out the purpose for which the trust corporation is organized, including, but not limited to, any necessary and appropriate actions to associate with or participate in transactions through the federal reserve system.

(c) As the trust corporation is formed for a valid public purpose and will exercise its powers for the benefit of the state, the trust corporation, and its capital stock, and all properties at any time owned or held by it in a fiduciary capacity, and the income therefrom, shall be exempt from taxation by the state or any local unit, subdivision or instrumentality of the state.

(d) Any capital stock of the trust corporation shall be held by the members of the board of directors and their successors in office, by virtue of their incumbency in such offices.