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January 2010 » The Proposed Uniform Imprudent...
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William Josephson
In 1978, New York amended its Not-for-Profit Corporation Law (NPCL) to enact many provisions of the Uniform Management of Trust Funds Act. This uniform law was recommended to the states by the National Conference of Commissioners on Uniform State Laws, and it has been widely enacted. (Its provisions can be found in NPCL sections 512, 513, 514, and 522, and in the definitions of “endowment fund,” “gift instrument,” “governing board,” “historic dollar value,” and “institutional fund” in NPCL sections 102[13],[17], respectively.)
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