2007 Minnesota Code
Chapters 300 - 319B Corporations
Chapter 309 Social and Charitable Organizations
Section 309.64 RULE OF CONSTRUCTION.
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.
History: 1973 c 313 s 3
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