58-3610 Short title.
58-3610. Short title. This act may be cited as the “uniform management of institutional funds act.” History: L. 1973, ch. 226, § 10; July 1.
58-3611 Short title.
58-3611. Short title. This act may be cited as the uniform prudent management of institutional funds act. History: L. 2008, ch. 20, § 1; July 1.
58-3612 Definitions.
58-3612. Definitions. In this act: (1) “Charitable purpose” means the relief of poverty, the advancement of education or religion, the promotion of health, the promotion of a governmental purpose or any other purpose the achievement of which is beneficial to the community. (2) “Endowment fund” means an institutional fund or part thereof that, under the […]
58-3613 Standard of conduct in managing and investing institutional fund.
58-3613. Standard of conduct in managing and investing institutional fund. (a) 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. (b) In addition to complying with the duty […]
58-3614 Appropriation for expenditure or accumulation of endowment fund; rules of construction.
58-3614. Appropriation for expenditure or accumulation of endowment fund; rules of construction. (a) Subject to the intent of a donor expressed in the gift instrument, 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 […]
58-3615 Delegation of management and investment functions.
58-3615. Delegation of management and investment functions. (a) Subject to any specific limitation set forth in a gift instrument or in law other than this act, 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 […]
58-3616 Release or modification of restrictions on management, investment or purpose.
58-3616. Release or modification of restrictions on management, investment or purpose. (a) 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 […]
58-3617 Reviewing compliance.
58-3617. Reviewing compliance. Compliance with this act 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. History: L. 2008, ch. 20, § 7; July 1.
58-3618 Application to existing institutional funds.
58-3618. Application to existing institutional funds. This act applies to institutional funds existing on or established after the effective date of this act. As applied to institutional funds existing on the effective date of this act this act governs only decisions made or actions taken on or after that date. History: L. 2008, ch. 20, […]
58-3619 Relation to electronic signatures in global and national commerce act.
58-3619. Relation to electronic signatures in global and national commerce act. This act modifies, limits and supersedes the electronic signatures in global and national commerce act, 15 U.S.C. section 7001 et seq., but does not modify, limit or supersede section 101 of that act, 15 U.S.C. section 7001(a), or authorize electronic delivery of any of […]
58-3620 Uniformity of application and construction.
58-3620. 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. History: L. 2008, ch. 20, § 10; July 1.