Bill Text - SB149 (2019)

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


Revision: June 7, 2019, 8:22 a.m.

SB 149 - VERSION ADOPTED BY BOTH BODIES

 

 

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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.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

 

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.

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.

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