1975 Chap. 0887. If written consent of the donor cannot be obtained by reason of his death, disability, unavailability, or impossibility of identification, the governing board may apply in the name of the institution to court of competent jurisdiction for release of restriction imposed by the applicable gift instrument on the use or investment of an institutional fund. The Attorney General shall be notified of the application and shall be given an opportunity to be heard. If the court finds that the restriction is obsolete, inappropriate, or impracticable, it may by order release the restriction in whole or in part. release under this subsection may not change an endowment fund to fund that is not an endowment fund. release under this section may not allow fund to be used for purposes other than the educational, religious, charitable, or other eleemosynary purposes of the institution affected. This section does not limit the application of the doctrine of cy-pres. Section 10. This chapter shall be so applied and construed as to effectuate its general purpose to make uniform the law with respect to the subject of this chapter among those states which enact it. Section 11. This chapter may be cited as the "uniform Management of Institutional Funds Law". Approved January 17, 1976. Chap. 0887. An Act clarifying the conflict of interest Provision Relative To Industrial Development Financing Authorities.
| Title: | 1975 Chap. 0887. If written consent of the donor cannot be obtained by reason of his death, disability, unavailability, or impossibility of identification, the governing board may apply in the name of the institution to court of competent jurisdiction for release of restriction imposed by the applicable gift instrument on the use or investment of an institutional fund. The Attorney General shall be notified of the application and shall be given an opportunity to be heard. If the court finds that the restriction is obsolete, inappropriate, or impracticable, it may by order release the restriction in whole or in part. release under this subsection may not change an endowment fund to fund that is not an endowment fund. release under this section may not allow fund to be used for purposes other than the educational, religious, charitable, or other eleemosynary purposes of the institution affected. This section does not limit the application of the doctrine of cy-pres. Section 10. This chapter shall be so applied and construed as to effectuate its general purpose to make uniform the law with respect to the subject of this chapter among those states which enact it. Section 11. This chapter may be cited as the "uniform Management of Institutional Funds Law". Approved January 17, 1976. Chap. 0887. An Act clarifying the conflict of interest Provision Relative To Industrial Development Financing Authorities. |
| Author: | Massachusetts. |
| Description: |
Imprint varies. Vols. for 1915-19 published in 2 v.: General acts; Special acts. Vols. for some years issued in parts. Separate vols. issued for extra session, 1916, and for extra session, 1933. Vol. 12 (May 1831-Mar. 1833) in Jan. session, 1833; Jan. 1834-Apr. 1836 in vol. for extra session 1835/Jan. session 1836; May 1824-Mar. 1828; June 1828-June 1831, Jan. 1832-Apr. 1834, Jan. 1835-Apr. 1838, each bound with corresponding vol. Resolves issued separately, 1780-1838. |
| URI: | http://hdl.handle.net/2452/33734 |
| Date: | 1663 |
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1975 [892]