Title 44 — Title 44
0 chapters · 990 sections in this title.
O.C.G.A. § 44-15-1 Short title
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This chapter shall be known and may be cited as the “Uniform Prudent Management of Institutional Funds Act.” History. Code 1981, § 44-15-1, enacted by Ga. L. 2008, p. 149, § 1/HB 972.
O.C.G.A. § 44-15-2 Definitions
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As used in this chapter, the term: (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) “E…
O.C.G.A. § 44-15-3 Considerations and standard of conduct for institutions receiving gifts
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(a) Subject to the intent of a donor expressed in a gift instrument or 883 44-15-3 any express written agreement between the donor and the institution, an institution, in managing and investing an institutional fund, shall consider the charitable purposes of the institution and t…
O.C.G.A. § 44-15-4 Management of institutional funds for endowment
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(a) Subject to the intent of a donor expressed in the gift instrument or to any express written agreement between a donor and an institution, an institution may appropriate for expenditure or accumulate assets of an endowment fund as the institution determines shall be prudent fo…
O.C.G.A. § 44-15-5 Delegation of management of funds
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(a) 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 cir…
O.C.G.A. § 44-15-6 Modification of restrictions
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(a) If the donor or a donor’s designee 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 an insti…
O.C.G.A. § 44-15-7 Compliance with provisions; effective date
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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. This chapter applies to institutional funds existing on or established after July 1, 2008. As applied to inst…
O.C.G.A. § 44-15-8 Subdivisions
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Covenants prohibiting use or ownership of property based on creed, §44-5-60. REMAINDERS AND REVERSIONS, §§44-6-60 to 44-6-68. Construction of words of survivorship in wills, §44-6-66. 1135 INDEX REMAINDERS AND REVERSIONS —Cont’d Contingent remainders. Distinguished from vested re…