"Institutional fund" defined
Sec. 6. (a) As used in this chapter, "institutional fund" means a
fund held by an institution for its exclusive use, benefit, or purposes.
The term does not include the following:
(1) Except as provided in subsection (b), a fund held for an
institution by a trustee that is not an institution.
(2) A fund in which a beneficiary that is not an institution has
an interest, other than possible rights that could arise upon
violation or failure of the purposes of the fund.
(b) The term includes a fund that is held exclusively for the
benefit of a community foundation or trust regardless of the nature
of the trustee or fiduciary.
As added by P.L.268-1989, SEC.1. Amended by P.L.266-1995,
SEC.3.
Last modified: May 27, 2006