HF 1499

SECOND ENGROSSMENT

Uniform Prudent Management of Institutional Funds Act adopted as approved and recommended by the National Conference of Commissions on Uniform State Law.

Section 1: Short title, "Uniform Prudent Management of Institutional Funds Act", provided.

Section 2: Definitions provided.

Section 3: Standard of conduct in managing and investing institutional fund language provided.

Section 4: Appropriation for expenditure or accumulation of endowment fund; rules of construction language provided.

Section 5: Delegation of management and investment functions language provided.

Section 6: Release or modification on restrictions on management, investment, or purpose language provided.

Section 7: Reviewing compliance language added.

Section 8: Application to existing institutional funds language added.

Section 9: Relation to Electronic Signatures in Global and National Commerce Act language provided.

Section 10: Repealer provided.

SNA 3/12/08