Restriction on expenditure of net appreciation of fund assets;
implied restrictions
Sec. 9. Section 8 of this chapter does not apply if the applicable
gift instrument indicates the donor's intention that net appreciation
may not be expended. A restriction upon the expenditure of net
appreciation may not be implied from a designation of a gift as an
endowment, or from a direction or authorization in the applicable gift
instrument to use only income, interest, dividends, rents, issues, or
profits, or to preserve the principal intact, or a similar direction.
As added by P.L.268-1989, SEC.1.
Last modified: May 27, 2006