§ 79-11-703. Definitions
In Sections 79-11-701 through 79-11-719: “Charitable purpose” means either: Any purpose described in Section 501(c)(3) of the Internal Revenue Code; or Any voluntary health and welfare, charitable, benevolent, philanthropic, patriotic, educational, humane, scientific, public health, environmental conservation, civic, or other eleemosynary purpose. “Endowment fund” means an institutional fund or part thereof that, under the terms […]
§ 79-11-705. Standard of conduct in managing and investing institutional fund
Subject to the intent of a donor expressed in a gift instrument, an institution, in managing and investing an institutional fund, shall consider the charitable purposes of the institution and the purposes of the institutional fund. In addition to complying with the duty of loyalty imposed by law other than Sections 79-11-701 through 79-11-719, each […]
§ 79-11-707. Appropriation for expenditure or accumulation of endowment fund; rules of construction
Subject to the intent of a donor expressed in the gift instrument or to any express written agreement between a donor and an institution, an institution may appropriate for expenditure or accumulate so much of an endowment fund as the institution determines is prudent for the uses, benefits, purposes, and duration for which the endowment […]
§ 79-11-709. Delegation of management and investment
Except as otherwise provided in a gift instrument or by law other than Sections 79-11-701 through 79-11-719, an institution may delegate to an external agent the management and investment of an institutional fund to the extent that an institution could prudently delegate under the circumstances. An institution shall act in good faith, with the care […]
§ 79-11-711. Release or modification of restrictions on management, investment, or purpose
If the donor consents in a record, an institution may release or modify, in whole or in part, a restriction contained in a gift instrument on the management, investment, or purpose of an institutional fund. A release or modification may not allow a fund to be used for a purpose other than a charitable purpose […]
§ 79-11-713. Reviewing compliance
Compliance with Sections 79-11-701 through 79-11-719 is determined in light of the facts and circumstances existing at the time a decision is made or action is taken, and not by hindsight.
§ 79-11-715. Application to existing institutional funds
Sections 79-11-701 through 79-11-719 applies to institutional funds existing on or established after July 1, 2012. As applied to institutional funds existing on July 1, 2012, this act governs only decisions made or actions taken on or after that date.
§ 79-11-717. Relation to Electronic Signatures in Global and National Commerce Act
Sections 79-11-701 through 79-11-719 modifies, limits, and supersedes the federal Electronic Signatures in Global and National Commerce Act, 15 USCS Section 7001 et seq., but does not modify, limit, or supersede Section 101(c) of that act, 15 USCS Section 7001(c), or authorize electronic delivery of any of the notices described in Section 103(b) of that […]
§ 79-11-719. Uniformity of application and construction
In applying and construing this uniform act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.
§ 79-11-651. Definitions
“Charitable gift annuity” means a transfer of cash or other property by a donor to a charitable organization in return for an annuity payable over one (1) or two (2) lives, under which the actuarial value of the annuity is less than the value of the cash or other property transferred and the difference in […]