(a) A court may dissolve a foundation if:
(1) The foundation procured its certificate of formation through fraud, duress, or undue influence;
(2) The foundation’s purposes are not lawful or are contrary to the public policy of this state;
(3) The foundation has exceeded or abused its lawful authority under this chapter;
(4) The foundation has carried on, conducted, or transacted its affairs in a persistently fraudulent or illegal manner; or
(5) The foundation has abused its power contrary to the public policy of this state.
(b) A court may dissolve a foundation if:
(1) All of the foundation officials consent to the termination;
(2) All of the beneficiaries consent to the termination;
(3) To the extent that the foundation is a charitable trust, the director of charitable trusts consents to the dissolution; and
(4) The dissolution does not violate any of the foundation’s material purposes.
(c) A court may dissolve a foundation if:
(1) Because of circumstances that the founder did not anticipate, the dissolution will further the foundation’s purposes; and
(2) The dissolution does not violate any of the foundation’s material purposes.
(d) Any of the following persons may commence a judicial proceeding seeking the foundation’s dissolution under this section:
(1) A foundation official;
(2) A beneficiary unless the governing documents prohibit the beneficiary from commencing a judicial proceeding seeking the foundation’s dissolution;
(3) To the extent that the foundation is a charitable trust, the director of charitable trusts; and
(4) With respect to a dissolution under subsection (a), the attorney general.
Source. 2017, 257:47, eff. Oct. 1, 2017.