§ 55-268.16. 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 contained in a gift instrument on themanagement, investment, or purpose of an institutional fund. A release ormodification may not allow a fund to be used for a purpose other than acharitable purpose of the institution.
B. The court, upon application of an institution, may modify a restrictioncontained in a gift instrument regarding the management or investment of aninstitutional fund if the restriction has become impracticable or wasteful,if it impairs the management or investment of the fund, or if, because ofcircumstances not anticipated by the donor, a modification of a restrictionwill further the purposes of the fund. The institution shall notify theAttorney General of the application, and the Attorney General shall be givenan opportunity to be heard. To the extent practicable, any modification shallbe made in accordance with the donor's probable intention.
C. If a particular charitable purpose or restriction contained in a giftinstrument on the use of an institutional fund becomes unlawful,impracticable, impossible to achieve, or wasteful, the court, uponapplication of an institution, may modify the purpose of the fund or therestriction on the use of the fund in a manner consistent with the charitablepurposes expressed in the gift instrument. The institution shall notify theAttorney General of the application, and the Attorney General shall be givenan opportunity to be heard.
D. If an institution determines that a restriction contained in a giftinstrument on the management, investment, or purpose of an institutional fundis unlawful, impracticable, impossible to achieve, or wasteful, theinstitution, without application to the court but with the consent of theAttorney General, may modify the purpose of the fund or the restriction onthe use of the fund in a manner consistent with the charitable purposesexpressed in the gift instrument if the fund subject to the restriction has atotal value of less than $250,000.
E. If an institution determines that a restriction contained in a giftinstrument on the management, investment, or purpose of an institutional fundis unlawful, impracticable, impossible to achieve, or wasteful, theinstitution, 60 days after notification to the Attorney General, may releaseor modify the restriction, in whole or part, if:
1. The institutional fund subject to the restriction has a total value ofless than $50,000;
2. More than 20 years have elapsed since the fund was established; and
3. The institution uses the property in a manner consistent with thecharitable purposes expressed in the gift instrument.
§ 55-268.16. 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 contained in a gift instrument on themanagement, investment, or purpose of an institutional fund. A release ormodification may not allow a fund to be used for a purpose other than acharitable purpose of the institution.
B. The court, upon application of an institution, may modify a restrictioncontained in a gift instrument regarding the management or investment of aninstitutional fund if the restriction has become impracticable or wasteful,if it impairs the management or investment of the fund, or if, because ofcircumstances not anticipated by the donor, a modification of a restrictionwill further the purposes of the fund. The institution shall notify theAttorney General of the application, and the Attorney General shall be givenan opportunity to be heard. To the extent practicable, any modification shallbe made in accordance with the donor's probable intention.
C. If a particular charitable purpose or restriction contained in a giftinstrument on the use of an institutional fund becomes unlawful,impracticable, impossible to achieve, or wasteful, the court, uponapplication of an institution, may modify the purpose of the fund or therestriction on the use of the fund in a manner consistent with the charitablepurposes expressed in the gift instrument. The institution shall notify theAttorney General of the application, and the Attorney General shall be givenan opportunity to be heard.
D. If an institution determines that a restriction contained in a giftinstrument on the management, investment, or purpose of an institutional fundis unlawful, impracticable, impossible to achieve, or wasteful, theinstitution, without application to the court but with the consent of theAttorney General, may modify the purpose of the fund or the restriction onthe use of the fund in a manner consistent with the charitable purposesexpressed in the gift instrument if the fund subject to the restriction has atotal value of less than $250,000.
E. If an institution determines that a restriction contained in a giftinstrument on the management, investment, or purpose of an institutional fundis unlawful, impracticable, impossible to achieve, or wasteful, theinstitution, 60 days after notification to the Attorney General, may releaseor modify the restriction, in whole or part, if:
1. The institutional fund subject to the restriction has a total value ofless than $50,000;
2. More than 20 years have elapsed since the fund was established; and
3. The institution uses the property in a manner consistent with thecharitable purposes expressed in the gift instrument.
§ 55-268.16. 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 contained in a gift instrument on themanagement, investment, or purpose of an institutional fund. A release ormodification may not allow a fund to be used for a purpose other than acharitable purpose of the institution.
B. The court, upon application of an institution, may modify a restrictioncontained in a gift instrument regarding the management or investment of aninstitutional fund if the restriction has become impracticable or wasteful,if it impairs the management or investment of the fund, or if, because ofcircumstances not anticipated by the donor, a modification of a restrictionwill further the purposes of the fund. The institution shall notify theAttorney General of the application, and the Attorney General shall be givenan opportunity to be heard. To the extent practicable, any modification shallbe made in accordance with the donor's probable intention.
C. If a particular charitable purpose or restriction contained in a giftinstrument on the use of an institutional fund becomes unlawful,impracticable, impossible to achieve, or wasteful, the court, uponapplication of an institution, may modify the purpose of the fund or therestriction on the use of the fund in a manner consistent with the charitablepurposes expressed in the gift instrument. The institution shall notify theAttorney General of the application, and the Attorney General shall be givenan opportunity to be heard.
D. If an institution determines that a restriction contained in a giftinstrument on the management, investment, or purpose of an institutional fundis unlawful, impracticable, impossible to achieve, or wasteful, theinstitution, without application to the court but with the consent of theAttorney General, may modify the purpose of the fund or the restriction onthe use of the fund in a manner consistent with the charitable purposesexpressed in the gift instrument if the fund subject to the restriction has atotal value of less than $250,000.
E. If an institution determines that a restriction contained in a giftinstrument on the management, investment, or purpose of an institutional fundis unlawful, impracticable, impossible to achieve, or wasteful, theinstitution, 60 days after notification to the Attorney General, may releaseor modify the restriction, in whole or part, if:
1. The institutional fund subject to the restriction has a total value ofless than $50,000;
2. More than 20 years have elapsed since the fund was established; and
3. The institution uses the property in a manner consistent with thecharitable purposes expressed in the gift instrument.
