Wash. Rev. Code § 24.55.005
Short title
Chapter 436, Laws of 2009 may be known and cited as the uniform prudent management of institutional funds act.
Revised Code of Washington Chapter 24.55 — Prudent Management of Institutional Funds Act
Washington · statute · Wash. Rev. Code ch. 24.55 · 11 active provisions
Wash. Rev. Code § 24.55.007
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.
Wash. Rev. Code § 24.55.010
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 any other purpose the achievement of which is beneficial to the community.(2) "Endowment fund" means an institutional fund or part thereof…
Wash. Rev. Code § 24.55.015
Standard of conduct in managing and investing institutional fund
(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…
Wash. Rev. Code § 24.55.025
Appropriation for expenditure or accumulation of endowment fund—Rules of construction
(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…
Wash. Rev. Code § 24.55.035
Delegation of management and investment functions
(1) 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…
Wash. Rev. Code § 24.55.045
Release or modification of restrictions on management, investment, or purpose
(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 release or modification may not allow a fund to be used for a purpose other than a charitable purpose of th…
Wash. Rev. Code § 24.55.055
Reviewing 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.
Wash. Rev. Code § 24.55.065
Application to existing institutional funds
(1) Before July 1, 2009, this chapter applies to an institutional fund existing on May 11, 2009, only if the institution's governing body elects to apply this chapter to the institutional fund before July 1, 2009.(2) On and after July 1, 2009, this chapter applies to all institutional funds.(3) As applied to institutio…
Wash. Rev. Code § 24.55.075
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 U.S.C. Sec. 7001 et seq.), but does not modify, limit, or supersede 15 U.S.C. Sec. 7001 (c), or authorize electronic delivery of any of the notices described in 15 U.S.C. Sec. 7003(b).
Wash. Rev. Code § 24.55.900
Effective date—2009 c 436
This act is necessary for the immediate preservation of the public peace, health, or safety, or support of the state government and its existing public institutions, and takes effect immediately [May 11, 2009].