§ 44-15-2. Definitions
As used in this chapter, the term: “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. “Endowment fund” means an institutional fund, or any part thereof, that, under […]
§ 44-16-10. Amendment or Termination; Interest in Environmental Covenant Not Affected by Amendment; Role of Court
An environmental covenant may be amended or terminated by consent only if the amendment or termination is signed by: The agency; The current owner of the fee simple of the real property subject to the covenant; Each person that originally signed the covenant, unless the person waived in a signed record the right to consent […]
§ 44-15-3. Considerations and Standard of Conduct for Institutions Receiving Gifts
Subject to the intent of a donor expressed in a gift instrument or any express written agreement between the donor and the institution, 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 […]
§ 44-16-11. Liability for Violation and Enforcement of Environmental Covenant
A civil action for injunctive or other equitable relief for violation of an environmental covenant may be maintained by: A party to the covenant; The agency; Any person to whom the covenant expressly grants power to enforce; Any owner in fee simple whose property abuts the property subject to the environmental covenant, if harm occurs […]
§ 44-15-4. Management of Institutional Funds for Endowment
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 assets of an endowment fund as the institution determines shall be prudent for the uses, benefits, purposes, and duration for which the endowment […]
§ 44-16-12. Maintenance of Registry
The agency may establish and maintain a registry that contains all environmental covenants and any amendment or termination of such covenants. The registry may also contain any other information concerning environmental covenants and the real property subject to them which the agency considers appropriate. The registry, if established, shall be a public record for purposes […]
§ 44-15-5. Delegation of Management of Funds
Subject to any specific limitation set forth in a gift instrument or in law other than this chapter, 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 […]
§ 44-15-6. Modification of Restrictions
If the donor or a donor’s designee 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 an institutional fund to be used for a purpose […]
§ 44-15-7. Compliance With Provisions; Effective Date
Compliance with this chapter shall be determined in light of the facts and circumstances existing at the time a decision is made or action is taken, and not by hindsight. This chapter applies to institutional funds existing on or established after July 1, 2008. As applied to institutional funds existing on July 1, 2008, this […]
§ 44-15-8. Uniformity With Law of Other States
In applying and construing this uniform act, consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. History. Code 1981, § 44-15-8 , enacted by Ga. L. 2008, p. 149, § 1/HB 972.