Wyoming § 17-30-401 Reservation to founder of power to amend,
revoke, restate or terminate

Wyoming Statutes

§ 17-30-401 — Reservation to founder of power to amend, revoke, restate or terminate

Wyoming·Title 17 Corporations, Partnerships and Associations·Ch. 30 WYOMING STATUTORY FOUNDATION ACT·Art. 4 FOUNDERS

(a)Subject to subsections (b) and (c) of this section, a founder may reserve the following powers to himself, or a specific number of founders if applicable:

(i)Pursuant to W.S. 17-30-201, the power to amend or restate the articles of formation of a statutory foundation;

(ii)Pursuant to W.S. 17-30-201, the power to amend the purposes of the statutory foundation;

(iii)The power to amend, revoke or restate the terms of the operating agreement of the statutory foundation;

(iv)The power to terminate the statutory foundation.

(b)A founder must expressly reserve those powers specified in paragraphs (a)(i) and (ii) of this section in the articles of formation of the statutory foundation. The founder may expressly reserve those powers specified by paragraphs

(a)(iii) and (iv) of this section

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(a) Subject to subsections (b) and (c) of this section, a
founder may reserve the following powers to himself, or a
specific number of founders if applicable:
(i) Pursuant to W.S. 17-30-201, the power to amend or
restate the articles of formation of a statutory foundation;
(ii) Pursuant to W.S. 17-30-201, the power to amend
the purposes of the statutory foundation;
(iii) The power to amend, revoke or restate the terms
of the operating agreement of the statutory foundation;
(iv) The power to terminate the statutory foundation.
(b) A founder must expressly reserve those powers
specified in paragraphs (a)(i) and (ii) of this section in the
articles of formation of the statutory foundation. The founder
may expressly reserve those powers specified by paragraphs
(a)(iii) and (iv) of this section in the articles of formation.
(c) Unless the articles of formation or operating
agreement of a statutory foundation provide otherwise, any
powers reserved to a founder in subsection (a) of this section
shall lapse on the death, dissolution or termination of the
founder.
(d) A founder shall expressly reserve those powers
specified in paragraphs (a)(iii) and (iv) of this section in the
operating agreement of the statutory foundation.

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