SB149 (2019) Detail

Relative to voluntary application of the uniform prudent management of institutional funds act to certain charitable trusts.


CHAPTER 198

SB 149 - FINAL VERSION

 

 

2019 SESSION

19-1043

05/01

 

SENATE BILL 149

 

AN ACT relative to voluntary application of the uniform prudent management of institutional funds act to certain charitable trusts.

 

SPONSORS: Sen. Carson, Dist 14; Sen. Feltes, Dist 15; Sen. Morse, Dist 22; Rep. Hunt, Ches. 11

 

COMMITTEE: Commerce

 

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ANALYSIS

 

This bill provides for the voluntary application of the uniform prudent management of institutional funds act to certain charitable trusts.

 

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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

19-1043

05/01

 

STATE OF NEW HAMPSHIRE

 

In the Year of Our Lord Two Thousand Nineteen

 

AN ACT relative to voluntary application of the uniform prudent management of institutional funds act to certain charitable trusts.

 

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

 

198:1  Uniform Prudent Management of Institutional Funds Act; Definition of Institutional Fund.  Amend RSA 292-B:2, V to read as follows:

V.  "Institutional fund" means a fund held by an institution exclusively for charitable purposes.  The term does not include:

(a)  Program-related assets;

(b)  A fund held for an institution by a trustee that is not an institution, unless the court has ordered, pursuant to RSA 292-B:6, V, the adoption of the provisions of this chapter with respect to that fund;

(c)  A fund in which a beneficiary that is not an institution has an interest, other than an interest that could arise upon violation or failure of the purposes of the fund; or

(d)  A fund held by a town or other municipality under RSA 31:19, RSA 202-A:23,[ or a fund created by a town or other municipality under RSA 31:19-a] unless the court has ordered, pursuant to RSA 292-B:6, V, the adoption of the provisions of this chapter with respect to that fund.

198:2  New Paragraph; Uniform Prudent Management of Institutional Funds Act; Release or Modification of Restrictions on Management, Investment, or Purpose.  Amend RSA 292-B:6 by inserting after paragraph IV the following new paragraph:

V.  Upon application to the court by an institution holding a fund with a market value of $1,000,000 or more, which fund would be an institutional fund but for the provisions of RSA 292-B:2, V(b) or (d), the court may order the adoption of the provisions of this chapter with respect to that fund.  The institution shall notify the attorney general of the application, and the attorney general shall be given an opportunity to be heard.  In reviewing the application, the court shall consider the intent of the donor expressed in a gift instrument, the purposes of this chapter, and the capacity of the institution to comply with the requirements of this chapter.

198:3  Effective Date.  This act shall take effect 60 days after its passage.

 

Approved: July 10, 2019

Effective Date: September 08, 2019

Links

SB149 at GenCourtMobile
SB149 Discussion

Action Dates

Date Body Type
Feb. 12, 2019 Senate Hearing
Feb. 21, 2019 Senate Floor Vote
April 2, 2019 House Hearing
April 17, 2019 House Exec Session
April 18, 2019 House Exec Session
House Floor Vote
May 8, 2019 House Floor Vote
May 28, 2019 House Exec Session
June 5, 2019 House Floor Vote

Bill Text Revisions

SB149 Revision: 6542 Date: Dec. 3, 2019, 1:40 p.m.
SB149 Revision: 6196 Date: June 7, 2019, 8:22 a.m.
SB149 Revision: 5159 Date: Jan. 22, 2019, 8:30 a.m.

Docket


July 10, 2019: Signed by the Governor on 07/10/2019; Chapter 198; Effective 09/08/2019


June 13, 2019: Enrolled (In recess 06/13/2019); SJ 21


June 13, 2019: Enrolled 06/13/2019 HJ 19 P. 18


June 5, 2019: Ought to Pass: MA VV 06/05/2019 HJ 17 P. 21


: Committee Report: Ought to Pass (Vote 18-0; CC)


June 5, 2019: Committee Report: Ought to Pass for 06/05/2019 (Vote 18-0; CC) HC 27 P. 7


May 28, 2019: Executive Session: 05/28/2019 10:00 am LOB 208


May 14, 2019: Full Committee Work Session: 05/14/2019 11:30 am LOB 208


May 8, 2019: Referred to Judiciary 05/08/2019 HJ 15 P. 2


May 8, 2019: Ought to Pass: MA VV 05/08/2019 HJ 15 P. 2


: Committee Report: Ought to Pass (Vote 18-0; CC)


May 8, 2019: Committee Report: Ought to Pass for 05/08/2019 (Vote 18-0; CC) HC 23 P. 3


April 18, 2019: Executive Session: 04/18/2019 01:00 pm LOB 302


April 17, 2019: ==CANCELLED== Executive Session: 04/17/2019 10:00 am LOB 302


April 10, 2019: Full Committee Work Session: 04/10/2019 10:00 am LOB 302


April 2, 2019: Public Hearing: 04/02/2019 01:00 pm LOB 302


March 20, 2019: Introduced 03/20/2019 and referred to Commerce and Consumer Affairs HJ 11 P. 70


Feb. 21, 2019: Ought to Pass: MA, VV; OT3rdg; 02/21/2019; SJ 6


Feb. 21, 2019: Committee Report: Ought to Pass, 02/21/2019; SC 11


Feb. 12, 2019: Hearing: 02/12/2019, Room 100, SH, 02:15 pm; SC 10


Jan. 3, 2019: Introduced 01/03/2019 and Referred to Commerce; SJ 4