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SB 1329 (2008) c. 715

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SB 1329, c. 715: charitable institutions; fund management; dissolution. Repeals the Uniform Management of Institutional Funds Act (UMIFA) and enacts the Uniform Prudent Management of Institutional Funds Act (UPMIFA), which revises and reenacts the provisions contained in UMIFA.  Requires an institution, when managing and investing an institutional fund, to consider the charitable purposes, as defined, of the institution and the purposes of the fund, to act in good faith and with the care of an ordinarily prudent person, to incur only reasonable and appropriate costs, and to take specified factors into consideration.  Establishes procedures for the modification of restrictions on the use of institutional funds and authorizes a charitable institution to modify a restriction on the use of institutional funds not exceeding $100,000 and older than 20 years by making a filing with the Attorney General rather than seeking court relief.  Modifies the requirements with respect to expenditures and accumulation of endowment funds.  Makes various other changes to current UMIFA provisions. Authorizes a court, in an action brought by and at the request of the Attorney General, to make an order declaring that a nonprofit public benefit corporation is wound up and dissolved without meeting these requirements, upon a finding by the court that it is impossible or impracticable to meet some or all of those requirements.