Vermont § 3416 - Release or modification of restrictions on management, investment, or purpose

§ 3416. 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, 60 days after notification to
  the Attorney General, may release or modify the restriction, in whole or in part,
  if: (1) the institutional fund subject to the restriction has a total value of less than $50,000.00; (2) more than 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 2009, No. 9, § 2, eff. May 5, 2009.)