Release of restrictions on use or investment of institutional funds;
cy pres doctrine
Sec. 13. (a) With the written consent of the donor, the governing
board may release, in whole or in part, a restriction imposed by the
applicable gift instrument on the use or investment of an institutional
fund.
(b) A release under this section may not allow an institutional
fund to be used for purposes other than the purposes of the institution
affected.
(c) This section does not limit the application of the doctrine of cy
pres or the ability of the governing body through legal or equitable
proceedings to obtain a release of a restriction in an applicable gift
instrument.
As added by P.L.268-1989, SEC.1. Amended by P.L.199-1991,
SEC.3.
Last modified: May 27, 2006