§ 564-f-17-1702

564-F:17-1702 Reformation. – (a) A court may reform a foundation's certificate of formation or its bylaws for purposes of conforming the certificate of formation or the bylaws to the founder's intent if: (1) Whether in the expression or inducement, the foundation's certificate of formation or its bylaws were affected by a mistake of fact, a mistake of law, or both a mistake of fact and a mistake of law; and (2) The founder's intent is proven by clear and convincing evidence; (3) The mistake is proven by clear and convincing evidence; and (4) The reformation does not violate any of the foundation's material purposes. (b) A court may reform a foundation's certificate of formation or its bylaws for purposes of achieving the founder's tax objectives if: (1) The reformation is consistent with the founder's intent; and (2) The reformation does not violate any of the foundation's material purposes. (c) A reformation under this section may be retroactive or prospective. (d) Any of the following persons may commence a judicial proceeding seeking reformation of a foundation's certificate of formation or its bylaws under this section: (1) A founder; (2) A foundation official; (3) Unless the

ng persons may commence a judicial proceeding seeking reformation of a foundation's certificate of formation or its bylaws under this section: (1) A founder; (2) A foundation official; (3) Unless the governing documents provide otherwise, a beneficiary; and (4) To the extent that the foundation is a charitable trust, the director of charitable trusts. Source. 2017, 257:47, eff. Oct. 1, 2017.