309.68 GENERAL CONTRACT REGULATION.
Subdivision 1. Donor consent required.
With the written consent of the donor, the
governing board may release, in whole or in part, a restriction imposed by the applicable gift
instrument on the use or investment of an institutional fund.
Subd. 2. Governing board application for relief.
If written consent of the donor cannot
be obtained by reason of death, disability, unavailability, or impossibility of identification, the
governing board may apply in the name of the institution to the district court for release of a
restriction imposed by the applicable gift instrument on the use or investment of an institutional
fund. The attorney general shall be notified of the application and shall be given an opportunity to
be heard. If the court finds that the restriction is obsolete, inappropriate, or impracticable, it may
by order release the restriction in whole or in part. A release under this subsection may not change
an endowment fund to a fund that is not an endowment fund.
Subd. 3. Effect.
A release under this section may not allow a fund to be used for purposes
other than the educational, religious, charitable, or other eleemosynary purposes of the institution
Subd. 4. Application.
This section does not limit the application of the doctrine of cy pres.
History: 1973 c 313 s 7; 1986 c 444