[§367-5]  Commission on the status of women
trust fund.  (a)  There is established a commission on the status of women
trust fund.  All funds contributed to the trust fund, including income and
capital gains earned therefrom, shall be used exclusively for commission
programs as defined in the articles, bylaws, resolutions, and other instruments
executed on behalf of the commission on the status of women or any nonprofit
organization established thereunder.  The trust fund may receive any and all
types of private contributions, and the income and capital gains earned by the
fund; provided that funds or properties donated for the commission's use shall
be deposited and accounted for in accordance with policies and procedures
adopted by the comptroller.  The trust fund shall be subject to the following
restrictions:



(1)  All funds, and the income and capital gains
earned by investment of those funds, shall be expended only for the support of
the commission or its nonprofit organization's programs; and



(2)  Other restrictions imposed by the legislature
with respect to the transfer or appropriation of funds.



(b)  Any funds deposited in the trust fund, and
any income and capital gains earned therefrom, not used for the commission or
its nonprofit organization's programs, shall be invested in accordance with the
provisions of the articles, bylaws, resolutions, or other instruments executed
on behalf of the commission or its nonprofit organization, and in a manner
intended to maximize the rate of return on investment of the fund.



(c)  If the trust fund is terminated or the
commission or its nonprofit organization is dissolved, all funds, including the
income and capital gains earned by the investment of funds, shall be
distributed in accordance with the articles and bylaws of the commission or its
nonprofit organization.



(d)  The commission shall require an annual
audit of the trust fund, the results of which shall be submitted to the
department of budget and finance not more than thirty days after receipt by the
commission.  The commission shall retain for a period of three years, any
documents, papers, books, records, and other evidence that are pertinent to the
trust fund, and permit inspection or access thereto by the department of budget
and finance, the department of accounting and general services, state
legislators, and the auditor, or their duly authorized representatives.



(e)  The trust fund shall be subject to the
terms and conditions provided in this section.  The trust fund shall not be
placed in the state treasury and the State shall not administer the fund nor be
liable for its operation or solvency.  The fund shall be a private charitable
trust fund administered by a private trust company as trustee.



(f)  Subsections (a) to (e) shall take effect
upon the creation of a commission on the status of women foundation, a
tax-exempt, nonprofit foundation that is subject to the terms and conditions
provided in this section. [L 2000, c 270, §1]