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2008 SESSION
HB 951 Uniform Prudent Management of Institutional Funds Act; created.
Introduced by: Sal R. Iaquinto | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Uniform Prudent Management of Institutional Funds Act; creation. Replaces current provisions in the Virginia Code with this Uniform Act that was adopted by the National Conference of Commissioners on Uniform State Laws (NCCUSL) in 2006. The original Uniform Management of Institutional Funds Act was adopted by NCCUSL in 1972 and enacted in Virginia in 1973. The Act expands the scope of the prior law, applying to all charitable institutions holding institutional funds, including trusts without noncharitable beneficiaries. The Act also clarifies and expands the duties and obligations concerning the conduct of investment and expenditures of institutional funds. The Act also imposes express standards on any delegation of the management or investment of institutional funds. The Act also updates the standards for when a court may order the release or modification of the purpose of or restrictions contained in a gift instrument through which a donor contributes to an institutional fund.
FULL TEXT
- 01/08/08 House: Prefiled and ordered printed; offered 01/09/08 087070440 pdf | impact statement
- 01/31/08 House: Printed as engrossed 087070440-E pdf | impact statement
- 02/21/08 House: Bill text as passed House and Senate (HB951ER) pdf | impact statement
- 03/05/08 Governor: Acts of Assembly Chapter text (CHAP0184) pdf
AMENDMENTS
HISTORY
- 01/08/08 House: Prefiled and ordered printed; offered 01/09/08 087070440
- 01/08/08 House: Referred to Committee on General Laws
- 01/17/08 House: Assigned GL sub: FOIA
- 01/29/08 House: Reported from General Laws with amendment (22-Y 0-N)
- 01/30/08 House: Read first time
- 01/31/08 House: Read second time
- 01/31/08 House: Committee amendment agreed to
- 01/31/08 House: Engrossed by House as amended HB951E
- 01/31/08 House: Printed as engrossed 087070440-E
- 02/01/08 House: Read third time and passed House BLOCK VOTE (99-Y 0-N)
- 02/01/08 House: VOTE: BLOCK VOTE PASSAGE (99-Y 0-N)
- 02/01/08 House: Communicated to Senate
- 02/04/08 Senate: Constitutional reading dispensed
- 02/04/08 Senate: Referred to Committee on General Laws and Technology
- 02/13/08 Senate: Reported from General Laws and Technology with amendment (15-Y 0-N)
- 02/15/08 Senate: Constitutional reading dispensed (38-Y 1-N)
- 02/18/08 Senate: Read third time
- 02/18/08 Senate: Reading of amendment waived
- 02/18/08 Senate: Committee amendment agreed to
- 02/18/08 Senate: Engrossed by Senate as amended
- 02/18/08 Senate: Passed Senate with amendment (40-Y 0N)
- 02/19/08 House: Placed on Calendar
- 02/20/08 House: Senate amendment agreed to by House (97-Y 0-N)
- 02/20/08 House: VOTE: --- ADOPTION (97-Y 0-N)
- 02/21/08 House: Enrolled
- 02/21/08 House: Bill text as passed House and Senate (HB951ER)
- 02/21/08 House: Signed by Speaker
- 02/25/08 Senate: Signed by President
- 03/03/08 Governor: Approved by Governor-Chapter 184 (effective 7/1/08)
- 03/05/08 Governor: Acts of Assembly Chapter text (CHAP0184)