US Laws, Codes, Statutes & Cases

 
  § 522. Release of restrictions on use or investment.
    (a)  With  the  consent of the donor in a writing acknowledged by him,
  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.
    (b)  If  written  consent of the donor cannot be obtained by reason of
  his   death,   disability,   unavailability,   or    impossibility    of
  identification,  the  governing  board  may  apply  in  the  name of the
  corporation (i) to the supreme court of the  judicial  district  wherein
  the  corporation  has  its office or principal place of carrying out the
  purposes for which it was formed, or  (ii)  where  the  applicable  gift
  instrument  is  a  will,  to the surrogate's court in which such will is
  probated, 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 If the court finds that the  restriction  is
  obsolete,  inappropriate,  or impracticable, it may by order release the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 paragraph (b)  may
  not change an endowment fund to a fund that is not an endowment fund.
    (c)  A  release under this section may not allow a fund to be used for
  purposes other than the purposes of the corporation.
    (d) This section does not limit the application of the doctrine of  cy
  pres.