USA Statutes : maine
Title : Title 13. CORPORATIONS
Chapter : Chapter 97. UNIFORM MANAGEMENT OF INSTITUTIONAL FUNDS ACT (HEADING. PL 1993, c. 371, @2 (new))
Title 13 - §4100. Short title
Title 13: CORPORATIONS
Part 2: CORPORATIONS WITHOUT CAPITAL
Chapter 97: UNIFORM MANAGEMENT OF INSTITUTIONAL FUNDS ACT (HEADING: PL 1993, c. 371, @2 (new))
§4100. Short title
This chapter may be known and cited as the "Uniform Management of Institutional Funds Act."
[1993, c. 371, §2 (new).]
Section History:
PL 1993,
Ch. 371,
§2
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 13 - §4102. Appropriation of appreciation
Title 13: CORPORATIONS
Part 2: CORPORATIONS WITHOUT CAPITAL
Chapter 97: UNIFORM MANAGEMENT OF INSTITUTIONAL FUNDS ACT (HEADING: PL 1993, c. 371, @2 (new))
§4102. Appropriation of appreciation
The governing board may appropriate for expenditure for the uses and purposes for which an endowment fund is established as
much of the net appreciation, realized and unrealized, in the fair value of the assets of an endowment fund over the historic
dollar value of the fund as is prudent under the standard established by section 4106. This section does not limit the authority
of the governing board to expend funds as permitted under other law, the terms of the applicable gift instrument or the charter
of the institution.
[1993, c. 371, §2 (new).]
Section History:
PL 1993,
Ch. 371,
§2
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 13 - §4103. Rule of construction
Title 13: CORPORATIONS
Part 2: CORPORATIONS WITHOUT CAPITAL
Chapter 97: UNIFORM MANAGEMENT OF INSTITUTIONAL FUNDS ACT (HEADING: PL 1993, c. 371, @2 (new))
§4103. Rule of construction
Section 4102 does not apply if the applicable gift instrument indicates the donor's intention that net appreciation not be
expended. A restriction upon the expenditure of net appreciation may not be implied from a designation of a gift as an endowment
or from a direction or authorization in the applicable gift instrument to use only income, interest, dividends or rents, issues
or profits or to preserve the principal intact or a direction that contains other words of similar import.
[1993, c. 371, §2 (new).]
Section History:
PL 1993,
Ch. 371,
§2
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 13 - §4104. Investment authority
Title 13: CORPORATIONS
Part 2: CORPORATIONS WITHOUT CAPITAL
Chapter 97: UNIFORM MANAGEMENT OF INSTITUTIONAL FUNDS ACT (HEADING: PL 1993, c. 371, @2 (new))
§4104. Investment authority
In addition to an investment otherwise authorized by law or by the applicable gift instrument, and without restriction to
investments a fiduciary may make, the governing board, subject to any specific limitations set forth in the applicable gift
instrument or in the applicable law other than a law relating to investments by a fiduciary, may:
[1993, c. 371, §2 (new).]
1. Investment of fund in property. Invest and reinvest an institutional fund in any real or personal property considered advisable by the governing board,
regardless of whether it produces a current return, including mortgages, stocks, bonds, debentures and other securities of
profit or nonprofit corporations; shares in or obligations of associations, partnerships or individuals; and obligations of
any government or subdivision or instrumentality of that government;
[1993, c. 371, §2 (new).]
2. Retention of contributed property. Retain property contributed by a donor to an institutional fund for as long as the governing board considers advisable;
[1993, c. 371, §2 (new).]
3. Inclusion of fund in another fund. Include all or any part of an institutional fund in any pooled or common fund maintained by the institution; and
[1993, c. 371, §2 (new).]
4. Investment of fund in another fund. Invest all or any part of an institutional fund in any other pooled or common fund available for investment, including shares
or interests in regulated investment companies, mutual funds, common trust funds, investment partnerships, real estate investment
trusts or similar organizations in which funds are commingled and investment determinations are made by persons other than
the governing board.
[1993, c. 371, §2 (new).]
Section History:
PL 1993,
Ch. 371,
§2
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 13 - §4105. Delegation of investment management
Title 13: CORPORATIONS
Part 2: CORPORATIONS WITHOUT CAPITAL
Chapter 97: UNIFORM MANAGEMENT OF INSTITUTIONAL FUNDS ACT (HEADING: PL 1993, c. 371, @2 (new))
§4105. Delegation of investment management
Except as otherwise provided by the applicable gift instrument or by applicable law relating to governmental institutions
or funds, the governing board may:
[1993, c. 371, §2 (new).]
1. Delegation of authority. Delegate to its committees; officers or employees of the institution or the fund; or agents, including investment counsel,
the authority to act in place of the governing board in investment and reinvestment of institutional funds;
[1993, c. 371, §2 (new).]
2. Contracts. Contract with independent investment advisors, investment counsel, investment managers, banks or trust companies to act
in place of the governing board in investment or reinvestment of institutional funds; and
[1993, c. 371, §2 (new).]
3. Payment. Authorize the payment of compensation for investment advisory or management services.
[1993, c. 371, §2 (new).]
Section History:
PL 1993,
Ch. 371,
§2
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 13 - §4106. Standard of conduct
Title 13: CORPORATIONS
Part 2: CORPORATIONS WITHOUT CAPITAL
Chapter 97: UNIFORM MANAGEMENT OF INSTITUTIONAL FUNDS ACT (HEADING: PL 1993, c. 371, @2 (new))
§4106. Standard of conduct
In the administration of the powers to appropriate appreciation, to make and retain investments and to delegate investment
management of institutional funds, members of a governing board shall exercise ordinary business care and prudence under the
facts and circumstances prevailing at the time of the action or decision. When exercising ordinary business care and prudence,
they shall consider long-term and short-term needs of the institution in carrying out its educational, religious, philanthropic
or other charitable purposes; its present and anticipated financial requirements; expected total return on its investments;
price-level trends; and general economic conditions. Unless explicitly stated otherwise by the donor, appreciation on investments
of endowment funds, until appropriated pursuant to proper governing board action, must be considered a donor restricted asset.
[1997, c. 302, §1 (amd).]
div>
In the administration of the powers to appropriate appreciation, to make and retain investments and to delegate investment
management of institutional funds, trustees of charitable trusts are governed by the standards set forth in Title 18-B, sections
802 to 807 and chapter 9.
[2003, c. 618, Pt. B, §3 (amd); §20 (aff).]
Section History:
PL 1993,
Ch. 371,
§2
(NEW).
PL 1997,
Ch. 302,
§1
(AMD).
PL 2001,
Ch. 550,
§C29
(AFF).
PL 2001,
Ch. 550,
§C5
(AMD).
PL 2003,
Ch. 618,
§B20
(AFF).
PL 2003,
Ch. 618,
§B3
(AMD).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 13 - §4107. Release of restrictions on use or investment
Title 13: CORPORATIONS
Part 2: CORPORATIONS WITHOUT CAPITAL
Chapter 97: UNIFORM MANAGEMENT OF INSTITUTIONAL FUNDS ACT (HEADING: PL 1993, c. 371, @2 (new))
§4107. Release of restrictions on use or investment
1. Release of restriction with written consent. With the written consent of the donor, the governing board may release, in whole or in part, a restriction imposed by the
applicable gift instrument on the use or investment of an institutional fund.
[1993, c. 371, §2 (new).]
2. Release of restriction without written consent. If written consent of the donor can not be obtained by reason of the donor's death, disability or unavailability after a
good faith effort to locate the donor or the impossibility of identification, the governing board may apply in the name of
the institution to the appropriate court for release of a restriction imposed by the applicable gift instrument on the use
or investment of an institutional fund. Unless the gift instrument specifically requires notice to other persons, only the
Attorney General must be notified of the application and be given an opportunity to be heard. If the court finds that the
restriction is obsolete, inappropriate or impracticable, it may by order release the restriction in whole or in part. A release
under this subsection may not change an endowment fund to a fund that is not an endowment fund.
[1993, c. 371, §2 (new).]
3. Purposes must remain charitable. A release under this section may not allow an institutional fund to be used for purposes other than the educational, religious,
philanthropic or charitable purposes of the institution affected.
[1993, c. 371, §2 (new).]
4. Cy pres doctrine unaffected. This section does not limit the application of the doctrine of cy pres.
[1993, c. 371, §2 (new).]
Section History:
PL 1993,
Ch. 371,
§2
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 13 - §4108. Uniformity of application and construction
Title 13: CORPORATIONS
Part 2: CORPORATIONS WITHOUT CAPITAL
Chapter 97: UNIFORM MANAGEMENT OF INSTITUTIONAL FUNDS ACT (HEADING: PL 1993, c. 371, @2 (new))
§4108. Uniformity of application and construction
This Act must be applied and construed as to effectuate its general purpose to make uniform the laws with respect to the subject
of this Act among those states that enact it.
[1993, c. 371, §2 (new).]
Section History:
PL 1993,
Ch. 371,
§2
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 13 - §4109. Application
Title 13: CORPORATIONS
Part 2: CORPORATIONS WITHOUT CAPITAL
Chapter 97: UNIFORM MANAGEMENT OF INSTITUTIONAL FUNDS ACT (HEADING: PL 1993, c. 371, @2 (new))
§4109. Application
This Act applies to all institutional funds and endowment funds existing on or after the effective date of this Act. This
Act applies to gift instruments executed or in effect on or after the effective date of this Act.
[1993, c. 371, §2 (new).]
Section History:
PL 1993,
Ch. 371,
§2
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 13 - §4110. Municipal library funds
Maine Legislature
Title 13: CORPORATIONS
Part 2: CORPORATIONS WITHOUT CAPITAL
Chapter 97: UNIFORM MANAGEMENT OF INSTITUTIONAL FUNDS ACT (HEADING: PL 1993, c. 371, @2 (new))
§4110. Municipal library funds
Notwithstanding Title 30-A, sections 5711 to 5719 and section 5724, this chapter applies to endowment funds or other funds
held in trust by municipal public libraries.
[1999, c. 135, §1 (new).]
Section History:
PL 1999,
Ch. 135,
§1
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007 
