§ 564-F:17-1701 — Modification

(a) A court may modify a foundation's certificate of formation or its bylaws if:
(1) All of the foundation officials consent to the modification;
(2) All of the beneficiaries consent to the modification;
(3) To the extent that the foundation is a charitable trust, the director of charitable trusts consents to the modification; and
(4) The modification does not violate any of the foundation's material purposes.
(b) A court may modify a foundation's certificate of formation or its bylaws if:
(1) Due to circumstances that the founder did not anticipate, modification will further the foundation's purposes;
(2) The modification is consistent with the founder's probable intent; and
(3) The modification does not violate any of the foundation's material purposes.
(c) A court may modify a foundation's certificate of formation or its bylaws if:
(1) The foundation's continuation would be impractical, wasteful, or impair the foundation's administration;
(2) The modification is consistent with the founder's intent; and
(3) The modification does not violate any of the foundation's material purposes.
(d) Any of the following persons may commence a judicial proceeding seeking modification of a foundation's certificate of formation or its bylaws under this section:
(1) A foundation official;
(2) Unless the governing documents provide otherwise, a beneficiary; or
(3) To the extent that the foundation is a charitable trust, the director of charitable trusts.

Legislative History

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