309.63 APPROPRIATION OF APPRECIATION.
The governing board may appropriate for expenditure for the uses and purposes for which an
endowment fund is established so much of the net appreciation, realized and unrealized, in the fair
value of the assets of an endowment fund over the historic dollar value of the fund as is prudent
under the standard established by section
309.67. This section does not limit the authority of the
governing board to expend funds as permitted under other law, the terms of the applicable gift
instrument, or the charter of the institution.
History: 1973 c 313 s 2