2004 Minnesota Statutes

     309.64 Rule of construction.  

    Section 309.63 does not apply if the applicable gift 
 instrument indicates the donor's intention that net appreciation 
 shall not be expended.  A restriction upon the expenditure of 
 net appreciation may not be implied from a designation of a gift 
 as an endowment, or from a direction or authorization in the 
 applicable gift instrument to use only "income," "interest," 
 "dividends," or "rents, issues or profits," or "to preserve the 
 principal intact," or a direction which contains other words of 
 similar import.  This rule of construction applies to gift 
 instruments executed or in effect before or after August 1, 1973.

    HIST: 1973 c 313 s 3