§ 3411. Short title
§ 3411. Short title This chapter may be cited as the Uniform Prudent Management of Institutional Funds Act. (Added 2009, No. 9, § 2, eff. May 5, 2009.)
§ 3412. Definitions
§ 3412. 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 […]
§ 3413. Standard of conduct in managing and investing institutional fund
§ 3413. 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 […]
§ 3414. Appropriation for expenditure or accumulation of endowment fund; rules of construction
§ 3414. 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 […]
§ 3415. Delegation of management and investment functions
§ 3415. 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. […]
§ 3416. Release or modification of restrictions on management, investment, or purpose
§ 3416. 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 […]
§ 3417. Reviewing compliance
§ 3417. 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. (Added 2009, No. 9, § 2, eff. May 5, 2009.)
§ 3418. Application to existing institutional funds
§ 3418. Application to existing institutional funds This chapter applies to institutional funds existing on or established after the May 5, 2019. As applied to institutional funds existing on May 5, 2009, this chapter governs only decisions made or actions taken on or after that date. (Added 2009, No. 9, § 2, eff. May 5, […]
§ 3419. Relation to electronic signatures in Global and National Commerce Act
§ 3419. 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. § 7001 et seq., but does not modify, limit, or supersede § 101(c) of that act, 15 U.S.C. § 7001(c), or authorize electronic delivery of any […]
§ 3420. Uniformity of application and construction
§ 3420. Uniformity of application and construction In applying and construing this uniform act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. (Added 2009, No. 9, § 2, eff. May 5, 2009.)