New York Not-For-Profit Corporation Law Article 5-A - PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT

• 550 - Short Title.
  This article may be known and may be cited as the "New York prudent management of institutional funds act".
• 551 - Definitions.
  As used in this article: (a) "Charitable purpose" means the relief of poverty, the advancement of education or religion, the promotion of health, the promotion...
• 552 - Standard of Conduct in Managing and Investing an Institutional Fund.
  (a) Subject to the intent of a donor expressed in a gift instrument, an institution, in managing and investing an institutional fund, shall consider the...
• 553 - Appropriation for Expenditure or Accumulation of Endowment Fund; Rules of Construction.
  (a) Subject to the intent of a donor expressed in the gift instrument, an institution may appropriate for expenditure or accumulate so much of an...
• 554 - Delegation of Management and Investment Functions.
  (a) Subject to any specific limitation set forth in a gift instrument or in law other than this article, an institution may delegate to an...
• 555 - Release or Modification of Restrictions on Management, Investment, or Purpose.
  (a) If the donor consents in a record, an institution may release or modify, in whole or in part, a restriction contained in a gift...
• 556 - Reviewing Compliance.
  Compliance with this article shall be determined in light of the facts and circumstances existing at the time a decision is made or action is...
• 557 - Application to Existing Institutional Funds.
  This article shall apply to institutional funds existing on or established after the effective date of this article. As applied to institutional funds existing on...
• 558 - Relation to Electronic Signatures in Global and National Commerce Act.
  This article modifies, limits, and supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. Section 7001 et seq., but does not modify,...

Last modified: February 3, 2019