Code of Alabama - Title 19: Fiduciaries and Trusts - Chapter 3C - Alabama Uniform Prudent Management of Industrial Funds Act

• Section 19-3C-1 Short title
  This chapter may be cited as the Alabama Uniform Prudent Management of Institutional Funds Act.
• Section 19-3C-2 Definitions
  In this chapter: (1) CHARITABLE PURPOSE means the relief of poverty, the advancement of education or religion, the promotion of health, governmental or municipal purposes,...
• Section 19-3C-3 Standard of conduct in managing and investing institutional funds
  (a) Subject to the intent of a donor expressed in a gift instrument, an institution, in managing and investing an institutional fund, shall consider the...
• Section 19-3C-4 Appropriation for expenditure or accumulation of endowment fund; rules of construction
  (a) Subject to the intent of a donor expressed in the gift instrument, an institution may appropriate for expenditure or accumulate so much of an...
• Section 19-3C-5 Delegation of management and investment functions
  (a) Subject to any specific limitation set forth in a gift instrument or in law other than this chapter, an institution may delegate to an...
• Section 19-3C-6 Release or modification of restrictions on management, investment, or purpose
  (a) If the donor consents in a record, an institution may release or modify, in whole or in part, a restriction contained in a gift...
• Section 19-3C-7 Reviewing compliance
  Compliance with this chapter is determined in light of the facts and circumstances existing at the time a decision is made or action is taken,...
• Section 19-3C-8 Application to existing institutional funds
  This chapter applies to institutional funds existing on or established after January 1, 2009. As applied to institutional funds existing on January 1, 2009, this...
• Section 19-3C-9 Relation to Electronic Signatures in Global and National Commerce Act
  This chapter modifies, limits, and supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. Section 7001 et seq., but does not modify,...
• Section 19-3C-10 Uniformity of application and construction
  In applying and construing this uniform act, consideration must be given to the need to promote uniformity of the law with respect to its subject...

Last modified: May 3, 2021