§ 15-403. Purpose of endowment fund and appropriations for expenditure or accumulation of funds
West's Annotated Code of MarylandEstates and TrustsEffective: April 14, 2009
Effective: April 14, 2009
MD Code, Estates and Trusts, § 15-403
§ 15-403. Purpose of endowment fund and appropriations for expenditure or accumulation of funds
(a)(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.
(3) In making a determination to appropriate for expenditure or accumulate under paragraph (1) of this subsection, the institution shall exercise ordinary business care and prudence under the facts and circumstances prevailing at the time of the action or decision, and shall consider, if relevant, the following factors:
(b) To limit the authority to appropriate for expenditure or accumulate under subsection (a) of this section, a gift instrument must specifically state the limitation.
(c) Terms in a gift instrument designating a gift as an endowment, or a direction or authorization in the gift instrument to use only “income”, “interest”, “dividends”, or “rents, issues, or profits”, or “to preserve the principal intact”, or words of similar import:
(d)(1) In this subsection, fair market value shall be calculated:
Credits
Added by Acts 2009, c. 134, § 1, eff. April 14, 2009.
MD Code, Estates and Trusts, § 15-403, MD EST & TRST § 15-403
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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