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2017 New Hampshire Revised Statutes
Title LVI - PROBATE COURTS AND DECEDENTS' ESTATES
Chapter 564-F - NEW HAMPSHIRE FOUNDATION ACT
Section 564-F:11-1104 - Duty of Prudent Management.
Universal Citation: NH Rev Stat § 564-F:11-1104 (2017)
564-F:11-1104 Duty of Prudent Management. –
(a) Unless the governing documents provide otherwise, a director has a duty to manage the foundation, its affairs, and its property as a prudent person would manage the foundation, its affairs, and its property.
(b) In satisfying the standard under subsection (a), a director shall:
(1) Exercise reasonable care and skill; and
(2) Consider the factors that are relevant under the circumstances, including:
(A) The foundation's purposes;
(B) The beneficiaries' interests; and
(C) The foundation's distributional requirements.
(c) In managing the foundation, its affairs, and its property, a director may incur only costs that are reasonable in relation to the foundation's property, the foundation's purposes, and the director's skills.
(b) In satisfying the standard under subsection (a), a director shall:
(1) Exercise reasonable care and skill; and
(2) Consider the factors that are relevant under the circumstances, including:
(A) The foundation's purposes;
(B) The beneficiaries' interests; and
(C) The foundation's distributional requirements.
(c) In managing the foundation, its affairs, and its property, a director may incur only costs that are reasonable in relation to the foundation's property, the foundation's purposes, and the director's skills.
Source. 2017, 257:47, eff. Oct. 1, 2017.
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