§ 17-7-306 — Release or modification of restrictions on management, investment or purpose

Wyoming § 17-7-306

• Jurisdiction: Wyoming
• Title 17: Corporations, Partnerships and Associations
• Ch. 7: CHARITABLE, EDUCATIONAL, RELIGIOUS AND OTHER
• Art. 3: UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS

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(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. If the
institution is a governmental institution as defined by W.S. 17-
7-302(a)(iv), the institution shall notify the attorney general
of the application, and the attorney general shall be given an
opportunity to be heard. To the extent practicable, any
modification shall 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. If the institution is a
governmental institution as defined by W.S. 17-7-302(a)(iv), the
institution shall notify the attorney general of the
application, and the attorney general shall 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
purposes of an institutional fund is unlawful, impracticable,
impossible to achieve or wasteful, the institution, not less
than sixty (60) days after notification to the attorney general,
may release or modify the restriction, in whole or part, if:
(i) The institutional fund subject to the restriction
has a total value of less than twenty-five thousand dollars
($25,000.00);
(ii) More than twenty (20) years have elapsed since
the fund was established; and
(iii) The institution uses the property in a manner
consistent with the charitable purposes expressed in the gift
instrument.