S.C. Code § 34-6-10
Short title
This chapter may be cited as the "South Carolina Uniform Prudent Management of Institutional Funds Act".
South Carolina Code Title 34, Chapter 6 — South Carolina Uniform Prudent Management of Institutional Funds Act
South Carolina · statute · S.C. Code tit. 34, ch. 6 · 10 active provisions
Provisions
S.C. Code § 34-6-20
Definitions
In this chapter: (1) "Charitable purpose" means the relief of poverty, the advancement of education or religion, the promotion of health, the promotion of a governmental purpose, or another purpose, the achievement of which is beneficial to the community. (2) "Endowment fund" means an institutional fund or part of one…
S.C. Code § 34-6-30
Standard of conduct in managing and investing 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 charitable purposes of the institution and the purposes of the institutional fund. (B) In addition to complying with the duty of loyalty imposed by law other than this…
S.C. Code § 34-6-40
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 endowment fund as the institution determines is prudent for the uses, benefits, purposes, and duration for which the endowment fund is established. Unless stated otherwise in…
S.C. Code § 34-6-50
Delegation of management and investment functions
(A) Subject to any specific limitation set forth in a gift instrument or in law other than this chapter, an institution may delegate to an external agent the management and investment of an institutional fund to the extent that an institution could prudently delegate under the circumstances. An institution shall act in…
S.C. Code § 34-6-60
Release or modification of restrictions on management, investment, or purpose
(A) If the donor consent is 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…
S.C. Code § 34-6-70
Review of compliance
Compliance with this chapter is determined in light of the facts and circumstances existing at the time a decision is made or action is taken, and not by hindsight.
S.C. Code § 34-6-80
Application to existing institutional funds
This chapter applies to institutional funds existing on or established after its effective date. As applied to institutional funds existing on the effective date of this chapter, this chapter governs only decisions made or actions taken on or after that date.
S.C. Code § 34-6-90
Relation to Electronic Signatures in Global and National Commerce Act
This chapter modifies, limits, and supersedes the Electronic Signatures in Global and National Commerce Act, 15 USC Section 7001, et seq., but does not modify, limit, or supersede Section 101 of that act, 15 USC Section 7001(a), or authorize electronic delivery of any of the notices described in Section 103 of that act…
S.C. Code § 34-6-100
Uniformity of application and construction
In applying and construing this uniform act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.