Sec. 45a-535e. Release or modification of restrictions contained in gift instrument on management, investment or purpose of institutional fund.
Sec. 45a-535e. Release or modification of restrictions contained in gift instrument on management, investment or purpose of institutional fund. (a) With the
donor's consent in a record, an institution may release or modify, in whole or in part, a
restriction contained in a gift instrument on the management, investment or purpose of
an institutional fund. A release or modification may not allow a fund to be used for a
purpose other than a charitable purpose of the institution.
(b) If a restriction contained in a gift instrument on the management or investment
of an institutional fund becomes impracticable or wasteful or impairs the management
or investment of the fund or if because of circumstances not anticipated by the donor a
modification of a restriction will further the purposes of the fund, a court, upon application of the institution, may modify the restriction. The institution shall notify the Attorney General, who shall be given an opportunity to be heard. To the extent practicable,
any modification shall be made in accordance with the donor's probable intention.
(c) If a particular charitable purpose or a restriction contained in a gift instrument
on the use of an institutional fund becomes unlawful, impracticable, impossible to
achieve or wasteful, a court, upon application of an institution, may modify the purpose
of the fund or the restriction on the use of the fund in a manner consistent with the
charitable purposes expressed in the gift instrument. The institution shall notify the
Attorney General, who shall be given an opportunity to be heard.
(d) Nothing in this section shall be construed as amending or altering existing standards in the general statutes for approximation, cy pres or equitable deviation actions.
(P.A. 07-91, S. 33.)