[§367-5]  Commission on the status of womentrust fund.  (a)  There is established a commission on the status of womentrust fund.  All funds contributed to the trust fund, including income andcapital gains earned therefrom, shall be used exclusively for commissionprograms as defined in the articles, bylaws, resolutions, and other instrumentsexecuted on behalf of the commission on the status of women or any nonprofitorganization established thereunder.  The trust fund may receive any and alltypes of private contributions, and the income and capital gains earned by thefund; provided that funds or properties donated for the commission's use shallbe deposited and accounted for in accordance with policies and proceduresadopted by the comptroller.  The trust fund shall be subject to the followingrestrictions:

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

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

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

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

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

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

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