[§517E-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 on the management, investment, or purpose of an institutional
fund contained in a gift instrument.  A release or modification shall not allow
a fund to be used for a purpose other than a charitable purpose of the
institution.



(b)  The court, upon application of an
institution, may modify a restriction contained in a gift instrument regarding
the management or investment of an institutional fund if the restriction has
become impracticable or wasteful, if it impairs the management or investment of
the fund, or if, because of circumstances not anticipated by the donor, a
modification of a restriction will further the purposes of the fund.  The
institution shall notify the attorney general of the application, and the
attorney general shall be given an opportunity to be heard.  To the extent
practicable, any modification shall be made in accordance with the donor's
probable intention.



(c)  If a particular charitable purpose or a
restriction contained in a gift instrument on the use of an institutional fund
becomes unlawful, impracticable, impossible to achieve, or wasteful, the court,
upon application of an institution, may modify the purpose of the fund or the
restriction on the use of the fund in a manner consistent with the charitable
purposes expressed in the gift instrument.  The institution shall notify the
attorney general of the application, and the attorney general shall be given an
opportunity to be heard.



(d)  If an institution determines that a
restriction contained in a gift instrument on the management, investment, or
purpose of an institutional fund is unlawful, impracticable, impossible to
achieve, or wasteful, the institution, without application to the court, but
with the consent of the attorney general, may modify the purpose of the fund or
the restriction on the use of the fund in a manner consistent with the
charitable purposes expressed in the gift instrument if the fund subject to the
restriction has a total value of less than $250,000.



(e)  If an institution determines that a
restriction contained in a gift instrument on the management, investment, or
purpose of an institutional fund is unlawful, impracticable, impossible to
achieve, or wasteful, the institution, sixty days after notification to the
attorney general, may release or modify the restriction, in whole or part, if:



(1)  The institutional fund subject to the restriction
has a total value of less than $50,000;



(2)  More than twenty years have elapsed since the
fund was established; and



(3)  The institution uses the property in a manner
consistent with the charitable purposes expressed in the gift instrument. [L
2009, c 135, pt of §1]