2005 Missouri Revised Statutes - § 402.040. — Release of restrictions on use or investment.

402.040. 1. 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 endowment fund.

2. If written consent of the donor cannot be obtained by reason of his death, disability, incapacity, unavailability, or impossibility of identification, or if the gift instrument does not give the institutional trustee the right to exercise the power of cy-pres, the governing board may apply in the name of the institution or institutional trustee to the circuit court for release of a restriction imposed by the applicable gift instrument on the use or investment of an institutional endowment 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 If the court finds that the restriction is obsolete, inappropriate, or impracticable, it may, by order, release the restriction in whole or in part.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 institutional endowment fund to a fund that is not an institutional endowment fund.

3. A release under this section may not allow an institutional endowment fund to be used for purposes other than the educational, religious, charitable, or other eleemosynary purposes of the institution affected.

4. This section does not limit the application of the doctrine of cy-pres.

(L. 1976 H.B. 1096 � 7, A.L. 1995 S.B. 178)