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- 2023 Edition
- Title 15. Corporations and Associations Not For Profit
- Chapter 15:18
N.J.S. § 15:18-27 Consideration of Purpose of Charitable Institution, Fund
Library | New Jersey Permanent Statutes |
Edition | 2023 |
Currency | Current through L. 2023, c. 130. |
Year | 2023 |
Citation | N.J.S. § 15:18-27 |
a. Subject to the intent of a donor expressed in a gift instrument, an institution, in managing and investing an institutional fund, shall consider the charitable purposes of the institution and the purposes of the institutional fund.
b. In addition to complying with the duty of loyalty imposed by law other than this act, each person responsible for managing and investing an institutional fund shall manage and invest the fund in good faith and with the care an ordinarily prudent person in a like position would exercise under similar circumstances.
c. In managing and investing an institutional fund, an institution:
(1) may incur only costs that are appropriate and reasonable in relation to the assets, the purposes of the institution, and the skills available to the institution; and
(2) shall make a reasonable effort to verify facts relevant to the management and investment of the fund.
d. An institution may pool two or more institutional funds for purposes of management and investment.
e. Except as otherwise provided by a gift instrument, the following apply:
(1) In managing and investing an institutional fund, the following factors, if relevant, shall be considered:
(a) general economic conditions;
(b) the possible effect of inflation or deflation;
(c) the expected tax consequences, if any, of investment decisions or strategies;
(d) the role that each investment or course of action plays within the overall investment portfolio of the fund;
(e) the expected total return from income and the appreciation of investments;
(f) other resources of the institution;
(g) the needs of the institution and the fund to make distributions and to preserve capital; and
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