Haw. Rev. Stat. § 517E-1
Short title
This chapter may be cited as the Uniform Prudent Management of Institutional Funds Act.
Hawaii Revised Statutes Chapter 517E
Hawaii · statute · Haw. Rev. Stat. ch. 517E · 9 active provisions
Haw. Rev. Stat. § 517E-2
Definitions
As used in this chapter, unless the context otherwise requires: "Charitable purpose" means the relief of poverty, the advancement of education or religion, the promotion of health, the promotion of a governmental purpose, or any other purpose the achievement of which is beneficial to the community. "Community foundatio…
Haw. Rev. Stat. § 517E-3
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 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…
Haw. Rev. Stat. § 517E-4
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…
Haw. Rev. Stat. § 517E-5
Delegation of management and investment functions
(a) Subject to any specific limitation set forth in a gift instrument or otherwise provided by law, 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 good…
Haw. Rev. Stat. § 517E-6
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 on the management, investment, or purpose of an institutional fund contained in a gift instrument. A release or modification shall not allow a fund to be used for a purpose other than a charitable purpose of…
Haw. Rev. Stat. § 517E-7
Reviewing compliance
Compliance with this chapter shall be determined in light of the facts and circumstances existing at the time a decision is made or action is taken, and not by hindsight.
Haw. Rev. Stat. § 517E-8
Application to existing institutional funds
This chapter shall apply to institutional funds existing on or established after July 1, 2009. As applied to institutional funds existing on July 1, 2009, this chapter shall govern only decisions made or actions taken on or after that date.
Haw. Rev. Stat. § 517E-9
Relation to Electronic Signatures in Global and National Commerce Act
This chapter shall modify, limit, and supersede the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. section 7001 et seq., but shall not modify, limit, or supersede section 101(c) of that Act, 15 U.S.C. section 7001(c), or authorize electronic delivery of any of the notices described in section 103(…