Mich. Comp. Laws § 451.921
Short title.
This act shall be known and may be cited as the "uniform prudent management of institutional funds act".
Michigan Compiled Laws — UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT (Act 87 of 2009)
Michigan · statute · 87 of 2009, Mich. Comp. Laws · 11 active provisions
Mich. Comp. Laws § 451.922
Definitions.
As used in this act: (a) "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. (b) "Endowment fund" means an institutional fund or part of…
Mich. Comp. Laws § 451.923
Institutional fund; managing and investing; considerations; requirements; pooling 2 or more funds; rules for managing and investing.
(1) 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. (2) In addition to complying with the duty of loyalty imposed by law other than this…
Mich. Comp. Laws § 451.924
Endowment fund assets; appropriation or accumulation; determination; limitation; designation.
(1) 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…
Mich. Comp. Laws § 451.925
Management and investment; delegation to external agent; duty to exercise reasonable care; liability; delegation to committees, officers, or employees.
(1) 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 the circumstances. An institution shall act in goo…
Mich. Comp. Laws § 451.926
Release or modification of restriction.
(1) 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 donor may give prior consent to an institution for release or modification of a restriction or charitable p…
Mich. Comp. Laws § 451.927
Compliance with act; existing facts and circumstances.
Compliance with this act 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.
Mich. Comp. Laws § 451.928
Applicability of act.
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.
Mich. Comp. Laws § 451.929
Electronic signatures.
This act modifies, limits, and supersedes the electronic signatures in the global and national commerce act, 15 USC 7001 to 7031, but does not modify, limit, or supersede 15 USC 7001(c) or authorize electronic delivery of any of the notices described in 15 USC 7003(b).
Mich. Comp. Laws § 451.930
Uniformity of law.
In applying and construing this uniform act, consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.
Mich. Comp. Laws § 451.931
Applicability; scope.
This act applies only to matters included within the meaning of the terms "institution", "institutional fund", and "person" as defined in this act. This act does not apply to or affect the validity, construction, interpretation, effect, administration, or management of any other trust, estate, or applicable governing i…