§ 564-f-17-1701

564-F:17-1701 Modification. – (a) A court may modify a foundation's certificate of formation or its bylaws if: (1) All of the foundation officials consent to the modification; (2) All of the beneficiaries consent to the modification; (3) To the extent that the foundation is a charitable trust, the director of charitable trusts consents to the modification; and (4) The modification does not violate any of the foundation's material purposes. (b) A court may modify a foundation's certificate of formation or its bylaws if: (1) Due to circumstances that the founder did not anticipate, modification will further the foundation's purposes; (2) The modification is consistent with the founder's probable intent; and (3) The modification does not violate any of the foundation's material purposes. (c) A court may modify a foundation's certificate of formation or its bylaws if: (1) The foundation's continuation would be impractical, wasteful, or impair the foundation's administration; (2) The modification is consistent with the founder's intent; and (3) The modification does not violate any of the foundation's material purposes.

wasteful, or impair the foundation's administration; (2) The modification is consistent with the founder's intent; and (3) The modification does not violate any of the foundation's material purposes. (d) Any of the following persons may commence a judicial proceeding seeking modification of a foundation's certificate of formation or its bylaws under this section: (1) A foundation official; (2) Unless the governing documents provide otherwise, a beneficiary; or (3) To the extent that the foundation is a charitable trust, the director of charitable trusts. Source. 2017, 257:47, eff. Oct. 1, 2017.