CHAPTER 302
S.P. 446 - L.D. 1420
An Act to Amend the Uniform Management of Institutional Funds Act
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 13 MRSA §4106, first ¶, as enacted by PL 1993, c. 371, §2, is amended to read:
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. In so doing 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.
Effective September 19, 1997, unless otherwise indicated.
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