Section 55-14A-1 – Short title.
55-14A-1. Short title. This chapter may be cited as the Uniform Prudent Management of Institutional Funds Act. Source: SL 2007, ch 283, §1.
Section 55-14A-10 – Uniformity of application and construction.
55-14A-10. Uniformity of application and construction. 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. Source: SL 2007, ch 283, §10.
Section 55-14A-2 – Definitions.
55-14A-2. Definitions. In this chapter: (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 terms of […]
Section 55-14A-3 – Standard of conduct in managing and investing institutional fund.
55-14A-3. 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 […]
Section 55-14A-4 – Appropriation for expenditure or accumulation of endowment fund–Rules of construction.
55-14A-4. 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 endowment […]
Section 55-14A-5 – Delegation of management and investment functions.
55-14A-5. Delegation of management and investment functions. (a) 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 […]
Section 55-14A-6 – Release or modification of restrictions on management, investment, or purpose.
55-14A-6. 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 […]
Section 55-14A-7 – Reviewing compliance.
55-14A-7. Reviewing compliance. Compliance with this chapter 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. Source: SL 2007, ch 283, §7.
Section 55-14A-8 – Application to existing institutional funds.
55-14A-8. Application to existing institutional funds. This chapter applies to institutional funds existing on or established after July 1, 2007. As applied to institutional funds existing on July 1, 2007, this chapter governs only decisions made or actions taken on or after that date. This chapter does not apply to any funds directly held or […]
Section 55-14A-9 – Relation to Electronic Signatures in Global and National Commerce Act.
55-14A-9.Relation to Electronic Signatures in Global and National Commerce Act. This chapter 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 […]