§ 564-F:11-1102 — Duty of Loyalty

New Hampshire § 564-F:11-1102

• Jurisdiction: New Hampshire
• Title LVI: PROBATE COURTS AND DECEDENTS' ESTATES
• Ch. 564-F: NEW HAMPSHIRE FOUNDATION ACT
• Subdivision: ARTICLE 11Directors' Duties

Text

(a) Unless the governing documents provide otherwise, a director has a duty to manage the foundation and its property solely in the interests of the foundation's purposes and the beneficiaries' interests.
(b) A transaction not concerning the foundation or its property in which a director engages in the director's personal capacity or a person affiliated, related, or similarly associated with the director engages does not violate the director's duty under subsection (a) to the extent that:
(1) The director discloses the transaction to the other directors reasonably in advance of the transaction; and
(2) The transaction is fair to the foundation.
(c) A transaction not concerning the foundation or its property in which a director engages in the director's personal capacity involves a conflict between personal and fiduciary interests if the transaction concerns an opportunity properly belonging to the foundation.

Legislative History

2017, 257:47, eff. Oct. 1, 2017.