Oklahoma § 60-300.16 - Release or modification of restrictions on management,

§ 60-300.16. Release or modification of restrictions on management,

investment, or purpose.

RELEASE OR MODIFICATION OF RESTRICTIONS ON MANAGEMENT,

INVESTMENT, OR PURPOSE.

(a) If the donor 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 a fund

to be used for a purpose other than a charitable purpose of the

institution.

(b) The court, upon application of an institution, may modify a

restriction contained in a gift instrument regarding the management

or investment of an institutional fund if the restriction has become

impracticable or wasteful, if it impairs the management or

investment of the fund, or if, because of circumstances not

anticipated by the donor, a modification of a restriction will

further the purposes of the fund. The institution shall notify the

Attorney General of the application, and the Attorney General must

be given an opportunity to be heard. To the extent practicable, any

modification must be made in accordance with the donor’s probable

intention.

(c) If a particular charitable purpose or a restriction

contained in a gift instrument on the use of an institutional fund

becomes unlawful, impracticable, impossible to achieve, or wasteful,

the court, upon application of an institution, may modify the

purpose of the fund or the restriction on the use of the fund in a

manner consistent with the charitable purposes expressed in the gift

instrument. The institution shall notify the Attorney General of

the application, and the Attorney General must be given an

opportunity to be heard.

(d) If an institution determines that a restriction contained

in a gift instrument on the management, investment, or purpose of an

institutional fund is unlawful, impracticable, impossible to

achieve, or wasteful, the institution, sixty (60) days after

notification to the Attorney General, may release or modify the

restriction, in whole or part, if:

(1) The institutional fund subject to the restriction has a

total value of less than Twenty-five Thousand Dollars ($25,000.00);

Oklahoma Statutes - Title 60. Property

(2) More than twenty (20) years have elapsed since the fund was

established; and

(3) The institution uses the property in a manner consistent

with the charitable purposes expressed in the gift instrument.

Added by Laws 2007, c. 91, § 6, eff. Nov. 1, 2007.