Section 564-F:20-2003 – Dissolution by Board of Directors.
564-F:20-2003 Dissolution by Board of Directors. – (a) Except as otherwise provided in the governing documents, the board of directors may dissolve a foundation by filing with the secretary of state a certificate of dissolution. (b) The certificate of dissolution shall set forth: (1) The foundation’s name; (2) The date on which the dissolution […]
Section 564-F:20-2004 – Revocation of Dissolution.
564-F:20-2004 Revocation of Dissolution. – (a) A foundation may revoke the dissolution by filing with the secretary of state a certificate of revocation of dissolution. (b) The certificate of revocation of dissolution shall set forth: (1) The foundation’s name; (2) The date on which the revocation of the dissolution was authorized; (3) If a […]
Section 564-F:20-2005 – Effect of Dissolution.
564-F:20-2005 Effect of Dissolution. – (a) A dissolved foundation continues its existence as a legal entity but may not engage in any activities except to the extent necessary or appropriate to wind up its affairs, including: (1) Collecting its property; (2) Disposing of its property that will not be distributed in kind to its […]
Section 564-F:18-1807 – Event Affecting Administration or Distribution.
564-F:18-1807 Event Affecting Administration or Distribution. – (a) If the happening of an event affects the foundation’s administration or a distribution from the foundation, then a foundation official who has exercised reasonable care to ascertain the happening of the event is not liable for a loss resulting from the foundation official’s lack of knowledge. […]
Section 564-F:18-1808 – Exculpation of a Foundation Official.
564-F:18-1808 Exculpation of a Foundation Official. – (a) Subject to subsection (b), a provision of the governing documents relieving a foundation official of liability for breach of duty is enforceable except to the extent that the provision relieves the foundation official of liability for a breach of duty for: (1) Failing to act in […]
Section 564-F:18-1809 – Beneficiary’s Consent, Release, or Ratification.
564-F:18-1809 Beneficiary’s Consent, Release, or Ratification. – (a) Subject to subsection (b), a foundation official is not liable to a beneficiary for breach of duty if the beneficiary: (1) Consented to the conduct constituting the breach of duty; (2) Released the foundation official from liability for the breach of duty; or (3) Ratified the […]
Section 564-F:19-1901 – Merger.
564-F:19-1901 Merger. – (a) Subject to subsections (f) and (g), one or more foundations may merge with one or more foundations by filing with the secretary of state a certificate of merger. (b) Subject to subsections (f) and (g), one or more foundations and one or more foreign foundations may merge into a foundation […]
Section 564-F:16-1607 – Nonjudicial Dispute Resolution.
564-F:16-1607 Nonjudicial Dispute Resolution. – (a) For purposes of this section, the following definitions shall apply: (1) " Interested person " means any person who would be an interested person in a judicial proceeding to resolve a dispute. (2) " Dispute " means any matter in which a court has subject-matter jurisdiction under 564-F:16-1603, […]
Section 564-F:17-1701 – Modification.
564-F:17-1701 Modification. – (a) A court may modify a foundation’s certificate of formation or its bylaws if: (1) All of the foundation officials consent to the modification; (2) All of the beneficiaries consent to the modification; (3) To the extent that the foundation is a charitable trust, the director of charitable trusts consents to […]
Section 564-F:17-1702 – Reformation.
564-F:17-1702 Reformation. – (a) A court may reform a foundation’s certificate of formation or its bylaws for purposes of conforming the certificate of formation or the bylaws to the founder’s intent if: (1) Whether in the expression or inducement, the foundation’s certificate of formation or its bylaws were affected by a mistake of fact, […]