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2019 New Hampshire Revised Statutes
Title LVI - Probate Courts and Decedents' Estates
Chapter 564-F - New Hampshire Foundation Act
Section 564-F:11-1102 - Duty of Loyalty.
Universal Citation: NH Rev Stat § 564-F:11-1102 (2019)
564-F:11-1102 Duty of Loyalty. –
(a) Unless the governing documents provide otherwise, a director has a duty to manage the foundation and its property solely in the interests of the foundation's purposes and the beneficiaries' interests.
(b) A transaction not concerning the foundation or its property in which a director engages in the director's personal capacity or a person affiliated, related, or similarly associated with the director engages does not violate the director's duty under subsection (a) to the extent that:
(1) The director discloses the transaction to the other directors reasonably in advance of the transaction; and
(2) The transaction is fair to the foundation.
(c) A transaction not concerning the foundation or its property in which a director engages in the director's personal capacity involves a conflict between personal and fiduciary interests if the transaction concerns an opportunity properly belonging to the foundation.
(a) Unless the governing documents provide otherwise, a director has a duty to manage the foundation and its property solely in the interests of the foundation's purposes and the beneficiaries' interests.
(b) A transaction not concerning the foundation or its property in which a director engages in the director's personal capacity or a person affiliated, related, or similarly associated with the director engages does not violate the director's duty under subsection (a) to the extent that:
(1) The director discloses the transaction to the other directors reasonably in advance of the transaction; and
(2) The transaction is fair to the foundation.
(c) A transaction not concerning the foundation or its property in which a director engages in the director's personal capacity involves a conflict between personal and fiduciary interests if the transaction concerns an opportunity properly belonging to the foundation.
Source. 2017, 257:47, eff. Oct. 1, 2017.
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