(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 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) The court, upon application of an institution, may modify a restriction contained in the gift instrument of an institutional fund pursuant to the procedure, and in accordance with the standards, set forth in section 501B.31, subdivision 2 or 4, whichever is applicable.
(c) If an institution determines that a restriction contained in a gift instrument on the management, investment, or purpose of an institutional fund is unlawful, impracticable, impossible to achieve, or wasteful, the institution, 60 days after notification to the attorney general, may release or modify the restriction, in whole or part, if:
(1) the institutional fund subject to the restriction has a total value of less than $50,000;
(2) more than 20 years have elapsed since the fund was established; and
(3) the institution uses the property in a manner consistent with the charitable purposes expressed in the gift instrument.
2008 c 188 s 6
Structure Minnesota Statutes
Chapters 300 - 323A — Business, Social, And Charitable Organizations
Chapter 309 — Social And Charitable Organizations
Section 309.50 — Solicitation Of Charitable Funds; Definitions.
Section 309.52 — Statement Requirement.
Section 309.53 — Annual Report.
Section 309.531 — Registration Of Professional Fundraisers.
Section 309.533 — Investigations.
Section 309.55 — Prohibited Practices.
Section 309.556 — Public Disclosure Requirements.
Section 309.56 — Service Of Process.
Section 309.57 — District Court Jurisdiction, Penalties, Enforcement.
Section 309.581 — Violations; Penalties.
Section 309.582 — Consultants.
Section 309.59 — Construction; Powers Of Attorney General.
Section 309.591 — Rulemaking Power.
Section 309.60 — Reciprocal Agreements, Other States.
Section 309.61 — Severability.
Section 309.72 — Acquisition Of Interests In Insurance.
Section 309.735 — Definitions.
Section 309.74 — Standard Of Conduct In Managing And Investing Institutional Fund.
Section 309.75 — Delegation Of Management And Investment Functions.
Section 309.755 — Release Or Modification Of Restrictions On Management, Investment, Or Purpose.
Section 309.76 — Reviewing Compliance.
Section 309.765 — Application To Existing Institutional Funds.
Section 309.77 — Relation To Electronic Signatures In Global And National Commerce Act.