US Law

Section 540A.1

540A.1 Repealed by 2008 Acts, ch 1066, §10, 11 ; 2008 Acts, ch 1191, §138 .

Section 540A.101 – Short title.

540A.101 Short title. This chapter may be cited as the “Uniform Prudent Management of Institutional Funds Act”. 2008 Acts, ch 1066, §1, 11

Section 540A.102 – Definitions.

540A.102 Definitions. For purposes of this chapter, unless the context otherwise requires: 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 […]

Section 540A.103 – Standard of conduct — managing and investing institutional fund.

540A.103 Standard of conduct — managing and investing institutional fund. 1. Subject to the intent of a donor expressed in a gift instrument, an institution shall consider the charitable purposes of the institution and the purposes of the institutional fund in managing and investing an institutional fund. 2. In addition to complying with the duty […]

Section 540A.104 – Appropriation for expenditure or accumulation of endowment fund — rules of construction.

540A.104 Appropriation for expenditure or accumulation of endowment fund — rules of construction. 1. Subject to the intent of a donor expressed in the gift instrument and to subsection 4, 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, […]

Section 540A.105 – Delegation of management and investment functions.

540A.105 Delegation of management and investment functions. 1. Subject to any specific limitation set forth in a gift instrument or in law, 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 institution shall act in […]

Section 540A.106 – Release or modification of restrictions on management, investment, or purpose.

540A.106 Release or modification of restrictions on management, investment, or purpose. 1. 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 shall not allow a […]

Section 540A.107 – Reviewing compliance.

540A.107 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. 2008 Acts, ch 1066, §7, 11

Section 540A.108 – Electronic signatures.

540A.108 Electronic signatures. This chapter modifies, limits, and supersedes the federal Electronic Signatures in Global and National Commerce Act, 15 U.S.C. §7001 et seq., but does not modify, limit, or supersede section 101 of that Act, 15 U.S.C. §7001(a), or authorize electronic delivery of any of the notices described in section 103 of that Act, […]

Section 540A.109 – Uniformity of application and construction.

540A.109 Uniformity of application and construction. This chapter shall be applied and construed with consideration given to the need to promote uniformity of the law with respect to the uniform prudent management of institutional funds Act among states which enact this law. 2008 Acts, ch 1066, §9, 11