Release by governing board of certain restrictions on use or investment of institutional fund: Requirements; limitations.
1. With the written consent of the donor, a governing board may release, in whole or in part, a restriction imposed by the applicable donative instrument on the use or investment of an institutional fund.
2. If the written consent of a donor cannot be obtained by reason of his death, disability, unavailability or impossibility of identification, the governing board may apply in the name of the institution to the district court for release of a restriction imposed by the applicable donative instrument on the use or investment of an institutional fund. The Attorney General must be notified of the application and given an opportunity to be heard. If the court finds that the restriction is obsolete, inappropriate or impracticable, it may by order release the restriction in whole or in part. A release under this subsection may not change an endowment fund to a fund that is not an endowment fund.
3. A release under this section may not allow a fund to be used for purposes other than the educational, religious, charitable or other eleemosynary purposes of the institution affected.
4. This section does not limit the application of the doctrine of applying a charitable gift as nearly as possible in conformity with the intention of the donor.
Last modified: February 25, 2006