Section 5a – Trusts; Professional Relationships
Section 5A. If a trust is formed under this chapter for the purpose of rendering one or more professional services as defined in chapter one hundred and fifty-six A, the relationship between the trust or a trustee or employee thereof rendering professional service and the person receiving such service shall be the same as if […]
Section 6 – Suits Against Associations or Trusts; Seals
Section 6. An association or trust may be sued in an action at law for debts and other obligations or liabilities contracted or incurred by the trustees, or by the duly authorized agents of such trustees, or by any duly authorized officer of the association or trust, in the performance of their respective duties under […]
Section 7 – Investigation or Examination of Trusts Owning or Holding Stock in Certain Public Utilities; Access to Information
Section 7. The department may by its members or duly authorized employees investigate and examine the books, accounts, contracts, records and memoranda of the trustees of any association or trust, who own or hold the capital stock or any part thereof of a railroad, street railway, electric railroad or elevated railway corporation, gas, electric or […]
Section 8 – Investigation or Examination of Businesses Under Same Ownership, Control or Management as Certain Public Utilities; Access to Information
Section 8. The department may by its members or duly authorized employees investigate and examine the books, accounts, contracts, records and memoranda of any partnership, express trust, voluntary association or corporation which is under the same ownership, control or management as a railroad, street railway, electric railroad or elevated railway corporation, gas, electric or water […]
Section 3 – Appropriation for Expenditure or Accumulation of Endowment Fund; Rules of Construction
Section 3. (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 endowment fund is established. Unless stated otherwise in the gift […]
Section 4 – Delegation of Management and Investment of an Institutional Fund
Section 4. (a) Subject to any specific limitation set forth in a gift instrument or in other general or special law, 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 […]
Section 5 – Release or Modification of Restriction on Management, Investment, Duration or Purpose
Section 5. (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, duration or purpose of an institutional fund. A release or modification shall not allow a fund to be used for a purpose other […]
Section 6 – Reviewing Compliance
Section 6. Compliance with this chapter shall be determined in light of the facts and circumstances existing at the time a decision is made or an action is taken and not by hindsight.
Section 7 – Application of Chapter
Section 7. This chapter shall apply to institutional funds existing on or established after June 30, 2009. As applied to institutional funds existing on June 30, 2009, this chapter shall govern only decisions made or actions taken on or after that date.
Section 8 – Effect of Chapter on Electronic Signatures in Global and National Commerce Act
Section 8. This chapter modifies, limits and supersedes the electronic signatures in the Global and National Commerce Act, 15 U.S.C. Section 7001 et seq., but does not modify, limit or supersede Section 101(c) of said act, 15 U.S.C. Section 7001(c) or authorize electronic delivery of any of the notices described in Section 103 of said […]