Michigan Compiled Laws Act 87 Of 2009 Uniform Prudent Management Of Institutional Funds Act (451.921 - 451.931)

• Section 451.921 Short Title.
  This act shall be known and may be cited as the "uniform prudent management of institutional funds act". History: 2009, Act 87, Imd. Eff....
• Section 451.922 Definitions.
  As used in this act: (a) "Charitable purpose" means the relief of poverty, the advancement of education or religion, the promotion of health, the...
• Section 451.923 Institutional Fund; Managing And Investing; Considerations; Requirements; Pooling 2 Or More Funds; Rules For Managing And Investing.
  (1) Subject to the intent of a donor expressed in a gift instrument, an institution, in managing and investing an institutional fund, shall consider...
• Section 451.924 Endowment Fund Assets; Appropriation Or Accumulation; Determination; Limitation; Designation.
  (1) Subject to the intent of a donor expressed in the gift instrument, an institution may appropriate for expenditure or accumulate so much of...
• Section 451.925 Management And Investment; Delegation To External Agent; Duty To Exercise Reasonable Care; Liability; Delegation To Committees, Officers, Or Employees.
  (1) Subject to any specific limitation set forth in a gift instrument or in law other than this act, an institution may delegate to...
• Section 451.926 Release Or Modification Of Restriction.
  (1) If the donor consents in a record, an institution may release or modify, in whole or in part, a restriction contained in a...
• Section 451.927 Compliance With Act; Existing Facts And Circumstances.
  Compliance with this act shall be determined in light of the facts and circumstances existing at the time a decision is made or action...
• Section 451.928 Applicability Of Act.
  This act applies to institutional funds existing on or established after the effective date of this act. As applied to institutional funds existing on...
• Section 451.929 Electronic Signatures.
  This act modifies, limits, and supersedes the electronic signatures in the global and national commerce act, 15 USC 7001 to 7031, but does not...
• Section 451.930 Uniformity Of Law.
  In applying and construing this uniform act, consideration shall be given to the need to promote uniformity of the law with respect to its...
• Section 451.931 Applicability; Scope.
  This act applies only to matters included within the meaning of the terms "institution", "institutional fund", and "person" as defined in this act. This...

Last modified: October 10, 2016