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2008 SESSION

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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.


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