Section 451.929 – Electronic Signatures.
451.929 Electronic signatures. Sec. 9. This act modifies, limits, and supersedes the electronic signatures in the global and national commerce act, 15 USC 7001 to 7031, but does not modify, limit, or supersede 15 USC 7001(c) or authorize electronic delivery of any of the notices described in 15 USC 7003(b). History: 2009, Act 87, Imd. […]
Section 451.930 – Uniformity of Law.
451.930 Uniformity of law. Sec. 10. 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: 2009, Act 87, Imd. Eff. Sept. 10, 2009
Section 451.931 – Applicability; Scope.
451.931 Applicability; scope. Sec. 11. This act applies only to matters included within the meaning of the terms “institution”, “institutional fund”, and “person” as defined in this act. This act does not apply to or affect the validity, construction, interpretation, effect, administration, or management of any other trust, estate, or applicable governing instrument. History: 2009, […]
Section 451.922 – Definitions.
451.922 Definitions. Sec. 2. As used in this act: (a) “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. (b) “Endowment fund” means an institutional fund or part […]
Section 451.923 – Institutional Fund; Managing and Investing; Considerations; Requirements; Pooling 2 or More Funds; Rules for Managing and Investing.
451.923 Institutional fund; managing and investing; considerations; requirements; pooling 2 or more funds; rules for managing and investing. Sec. 3. (1) 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 […]
Section 451.924 – Endowment Fund Assets; Appropriation or Accumulation; Determination; Limitation; Designation.
451.924 Endowment fund assets; appropriation or accumulation; determination; limitation; designation. Sec. 4. (1) 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 […]
Section 451.925 – Management and Investment; Delegation to External Agent; Duty to Exercise Reasonable Care; Liability; Delegation to Committees, Officers, or Employees.
451.925 Management and investment; delegation to external agent; duty to exercise reasonable care; liability; delegation to committees, officers, or employees. Sec. 5. (1) 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 […]
Section 451.926 – Release or Modification of Restriction.
451.926 Release or modification of restriction. Sec. 6. (1) 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 donor may give prior consent to an institution for release […]
Section 451.927 – Compliance With Act; Existing Facts and Circumstances.
451.927 Compliance with act; existing facts and circumstances. Sec. 7. Compliance with this act 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. History: 2009, Act 87, Imd. Eff. Sept. 10, 2009
Section 451.433 – Cease and Desist Order; Statement; Misdemeanor; Powers of Department; Court Order; Self-Incrimination; Injunction or Restraining Order; Criminal Proceedings.
451.433 Cease and desist order; statement; misdemeanor; powers of department; court order; self-incrimination; injunction or restraining order; criminal proceedings. Sec. 23. (1) When it appears to the department, either upon complaint or otherwise, that this act, or a rule promulgated under this act, has or is about to be violated, it may, in its discretion, […]