SB 312 - FINAL VERSION
SENATE BILL 312
SPONSORS: Sen. D'Allesandro, Dist 20; Sen. Bradley, Dist 3; Rep. Hunt, Ches. 11
This bill clarifies the New Hampshire Foundation Act.
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
26Apr2018... 1572h 18-2733
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Eighteen
Be it Enacted by the Senate and House of Representatives in General Court convened:
210:1 New Hampshire Foundation Act; Definitions. Amend RSA 564-F:2-201(s)-(x) to read as follows:
(s) "Principal office" means the office where a foundation's principal executive offices are located. A foundation's principal office may be located in or outside this state.
(t) "Property'' means anything that may be the subject of ownership, whether real or personal, legal or equitable, or any interest in anything that may be the subject of ownership.
[(t)] (u) "Qualified beneficiary'' means a beneficiary who, on the date the beneficiary's qualification is determined:
(1) Is a distributee or permissible distributee of the foundation's property;
(2) Would be a distributee or permissible distributee of the foundation's property if the interests of the distributees described in subsection [(t)] (u)(1) terminated on that date but the termination of those interests would not cause the foundation to dissolve; or
(3) Would be a distributee or permissible distributee of the foundation's property if the foundation dissolved on that date.
[(u)] (v) "Record'' means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.
[(v)] (w) "Registered foreign foundation'' means a foreign foundation that is registered under RSA 564-F:21-2102.
[(w)] (x) "Registrable activity'' is defined in RSA 564-F:21-2101(b).
[(x)] (y) "State'' means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. The term "state'' includes an Indian tribe or band that is recognized by federal law or formally acknowledged by a state.
210:2 New Hampshire Foundation Act; General Powers. Amend RSA 564-F:8-801(d) to read as follows:
(d) In a judicial proceeding under subsection (c)(1)[(A)], the court may:
(1) Enjoin or set aside the act if:
(A) It is equitable to do so; and
(B) All of the affected persons are parties to the proceeding; and
(2) Award damages for loss suffered by the foundation or another party because of enjoining the unauthorized act.
210:3 New Hampshire Foundation Act; Capital. Amend RSA 564-F:9-901(c) to read as follows:
(c) Subject to RSA 564-F:7-702(b), a founder shall not have any right, power, or interest in a foundation solely by reason of contributing property to the foundation.
(d) "Bylaws" means the bylaws adopted under RSA 564-F:7-701, as may be amended or restated in accordance with RSA [564-F:7-702] 564-F:7-703.
(g) Any undertaking under subsection (e)[(4)] (3) must be made in a form satisfactory to the secretary of state and must be filed with the secretary of state.
(1) In the case of a director who is an individual, the director's incapacity, death, resignation, or removal; or
(2) In the case of protector who is an individual, the protector's incapacity or death; or
(2) Lack of cooperation among the protectors substantially impairs the performance of the protector's duties or the management of the foundation's affairs;
(a) Unless the governing documents provide otherwise, a protector has a duty to [manage the foundation and its property] exercise his, her, or its powers solely in the interests of the foundation's purposes and the beneficiaries' interests.
564-F:13-1303 Duty of Impartiality. Unless the governing documents provide otherwise, if a foundation has two or more beneficiaries, then the protector has a duty to act impartially in [managing the foundation and its property] exercising his, her, or its powers, giving due regard to the foundation's purposes and the beneficiaries' interests.
(B) A guardian of the [estate] person under subsection (a)(2)(B).
(C) A guardian of the [estate] person under subsection (a)(2)(B).
(3) With respect to any matter that is the subject of [the trust] a dispute involving the foundation or its affairs, there is a conflict of interest among the persons whom the representative is appointed to represent.
(4) To the extent that the foundation is a charitable trust, any judicial proceeding brought by the director of charitable trusts for the interpretation or construction [or interpretation] of the foundation's governing documents.
(d) A beneficiary's creditor or assignee may not compel a beneficiary to exercise any right or power that, in any fiduciary or nonfiduciary capacity, the beneficiary has under the [terms of the trust] governing documents, including any of the following:
(2) A [trust] foundation official;
(2) Except as provided in subsection (a)(3), 3 years after the earliest of:
(A) The foundation official's removal, resignation, or death;
(B) The termination of the beneficiary's interest; [or]
(C) The foundation's dissolution[.
(3) If the act or omission was not discovered and could not reasonably have been discovered at the time of the act or omission, one year after the earlier of:
[(i)] (A) The discovery of the act or omission; or
[(ii)] (B) In the exercise of reasonable diligence, the date on which the act or omission should have been discovered.
564-F:21-2116 [Administration] Administrative Cancellation.
Approved: June 08, 2018
Effective Date: June 08, 2018
|Jan. 9, 2018||Senate||Hearing|
|Feb. 1, 2018||Senate||Floor Vote|
|April 3, 2018||House||Hearing|
|April 17, 2018||House||Exec Session|
|April 26, 2018||House||Floor Vote|
June 8, 2018: Signed by the Governor on 06/08/2018; Chapter 0210; Effective 06/08/2018
May 10, 2018: Enrolled (In recess 05/10/2018); SJ 18
May 10, 2018: Enrolled 05/10/2018
May 2, 2018: Sen. Innis Moved to Concur with the House Amendment, MA, VV; 05/02/2018; SJ 15
April 26, 2018: Ought to Pass with Amendment 1572h: MA VV 04/26/2018
April 26, 2018: Amendment # 2018-1572h: AA VV 04/26/2018
: Committee Report: Ought to Pass with Amendment # 2018-1572h (Vote 19-0; CC)
April 26, 2018: Committee Report: Ought to Pass with Amendment # 2018-1572h for 04/26/2018 (Vote 19-0; CC) HC 16 P. 4
April 17, 2018: Executive Session: 04/17/2018 01:30 PM LOB 302
April 10, 2018: Subcommittee Work Session: 04/10/2018 01:45 PM LOB 302
April 3, 2018: Public Hearing: 04/03/2018 11:30 AM LOB 302
March 7, 2018: Introduced 03/07/2018 and referred to Commerce and Consumer Affairs HJ 7 P. 50
Feb. 1, 2018: Ought to Pass: MA, VV; OT3rdg; 02/01/2018; SJ 3
Feb. 1, 2018: Committee Report: Ought to Pass, 02/01/2018; Vote 5-0; CC SC 5
Jan. 9, 2018: Hearing: 01/09/2018, Room 100, SH, 01:15 pm; SC 48
Jan. 3, 2018: To Be Introduced 01/03/2018 and Referred to Commerce; SJ 1