Bill Text - SB312 (2018)

Clarifying the New Hampshire Foundation Act.


Revision: Dec. 8, 2017, 11:58 a.m.

SB 312  - AS INTRODUCED

 

 

2018 SESSION

18-2733

01/04

 

SENATE BILL 312

 

AN ACT clarifying the New Hampshire Foundation Act.

 

SPONSORS: Sen. D'Allesandro, Dist 20; Sen. Bradley, Dist 3; Rep. Hunt, Ches. 11

 

COMMITTEE: Commerce

 

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ANALYSIS

 

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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

18-2733

01/04

 

STATE OF NEW HAMPSHIRE

 

In the Year of Our Lord Two Thousand Eighteen

 

AN ACT clarifying the New Hampshire Foundation Act.

 

Be it Enacted by the Senate and House of Representatives in General Court convened:

 

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)(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.

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.

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.

4  Effective Date.  This act shall take effect upon its passage.