Section 17-30-603 – Limitation of Transferability of Rights.
17-30-603. Limitation of transferability of rights. Subject to the operating agreement of the statutory foundation, a beneficial interest in a foundation is transferable.
Section 17-30-701 – Right to Information.
17-30-701. Right to information. (a) Unless the operating agreement of a statutory foundation provides otherwise, upon written request by a beneficiary, the foundation shall provide, within a reasonable time, a copy of the operating agreement of the foundation to the beneficiary. Information regarding beneficiaries other than the beneficiary making a request under this section may […]
Section 17-30-702 – Recordkeeping and Identification of Statutory Foundation Property.
17-30-702. Recordkeeping and identification of statutory foundation property. (a) The board of directors of a statutory foundation shall keep and maintain adequate records regarding the administration of the foundation. (b) The board of directors of a statutory foundation may invest property of two (2) or more statutory foundations as a whole as long as the […]
Section 17-30-703 – Annual Report for Secretary of State.
17-30-703. Annual report for secretary of state. (a) Every statutory foundation formed under the laws of this state and every foreign foundation that obtains a certificate of registration shall file an annual report, under penalty of perjury, with the secretary of state on or before the first day of the month of formation. The annual […]
Section 17-30-505 – Liability of Protector.
17-30-505. Liability of protector. (a) A protector shall not be personally liable for the acts, omissions, debts, obligations or other liabilities of a statutory foundation, whether arising in contract, tort or otherwise. (i) Repealed by Laws 2021, ch. 98, § 2. (ii) Repealed by Laws 2021, ch. 98, § 2. (b) Repealed by Laws 2021, […]
Section 17-30-506 – Conflict of Interest Transactions.
17-30-506. Conflict of interest transactions. (a) A sale, encumbrance or other transaction involving the investment or management of the property of the statutory foundation which is entered into by a director or protector for the personal account of the director or protector or which is otherwise affected by a conflict between the fiduciary or personal […]
Section 17-30-601 – Beneficiaries.
17-30-601. Beneficiaries. (a) The articles of formation or operating agreement of a statutory foundation may provide for the distribution of property of the foundation to one (1) or more beneficiaries. (b) Notwithstanding subsection (a) of this section, a beneficiary of a statutory foundation shall not have the right to, or interest in, property of the […]
Section 17-30-503 – Protector.
17-30-503. Protector. (a) If a statutory foundation has a charitable purpose, the foundation shall maintain a protector in relation to that purpose. (b) If a statutory foundation has any purpose permitted under this act other than a charitable purpose, then the foundation may have a protector in relation to that purpose. (c) Except as otherwise […]
Section 17-30-504 – Protector as a Fiduciary.
17-30-504. Protector as a fiduciary. A protector shall serve as a fiduciary to the extent of authority and duties granted under the terms of the operating agreement.
Section 17-30-309 – Operating Agreement; Scope, Function and Limitations.
17-30-309. Operating agreement; scope, function and limitations. (a) The founders or board of directors of a statutory foundation shall adopt an operating agreement for the foundation as soon as possible after filing articles of formation with the secretary of state. (b) An operating agreement may contain any provision for managing the business and regulating the […]