760 ILCS 51/1
Short title
Short title. This Act may be cited as the Uniform Prudent Management of Institutional Funds Act. (Source: P.A. 96-29, eff. 6-30-09.)
Illinois Compiled Statutes 760 ILCS 51 — Uniform Prudent Management of Institutional Funds Act.
Illinois · statute · 760 ILCS 51 · 12 active provisions
760 ILCS 51/2
Definitions
Definitions. In this Act: (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 any other purpose the achievement of which is beneficial to the community. (2) "Endowment fund" means an institutional fund or pa…
760 ILCS 51/3
Standard of conduct in managing and investing institutional fund
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…
760 ILCS 51/4
Appropriation for expenditure or accumulation of endowment fund; rules of construction
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, purpos…
760 ILCS 51/5
Delegation of management and investment functions
Delegation of management and investment functions. (a) Subject to any specific limitation set forth in a gift instrument or in law other than this Act, 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…
760 ILCS 51/6
Release or modification of restrictions on management, investment, or purpose
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 instrument on the management, investment, or purpose of an institutional fund. A release or modification may…
760 ILCS 51/7
Reviewing compliance
Reviewing compliance. Compliance with this Act 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. (Source: P.A. 96-29, eff. 6-30-09.)
760 ILCS 51/8
Application to existing institutional funds
Application to existing institutional funds. This Act applies to institutional funds existing on or established after the effective date of this Act. As applied to institutional funds existing on the effective date of this Act, this Act governs only decisions made or actions taken on or after that date. (Source: P.A. 9…
760 ILCS 51/9
Relation to Electronic Signatures in Global and National Commerce Act
Relation to Electronic Signatures in Global and National Commerce Act. This Act 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, limit, or supersede Section 101(c) of that Act, 15 U.S.C. Section 7001(c), or authorize ele…
760 ILCS 51/10
Uniformity of application and construction
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. (Source: P.A. 96-29, eff. 6-30-09.)
760 ILCS 51/10.2
(Amendatory provisions; text omitted)
(Amendatory provisions; text omitted). (Source: P.A. 96-29, eff. 6-30-09; text omitted.)
760 ILCS 51/11
Effective date
Effective date. This Act takes effect upon becoming law. (Source: P.A. 96-29, eff. 6-30-09.)