Wednesday, July 9, 2008
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Tracking Virginia’s General Assembly
since 2007.
HB951: Uniform Prudent Management of Institutional Funds Act; created.
Chief Patron
Del.
Sal Iaquinto (R-84)
Sal Iaquinto
(R-84)
Virginia Beach, VA
Served: 2006–
Progress
 |
Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
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Became Law |
Status
03/03/2008: signed by governor
Summary
Uniform Prudent Management of Institutional Funds Act; creation. Replaces current provisions in the Virginia Code with this Uniform Act which was adopted by the National Conference of Commissioners on Uniform State Laws (NCCUSL) in 2006. The original Uniform Management of Institutional Funds Act was adopted by NCCUSL in 1972 and enacted in Virginia in 1973.
The Act expands the scope of the prior law, applying to all charitable institutions holding institutional funds, including trusts without noncharitable beneficiaries. The Act also clarifies and expands the duties and obligations concerning the conduct of investment and expenditures of institutional funds. The Act also imposes express standards on any delegation of the management or investment of institutional funds. The Act also updates the standards for when a court may order the release or modification of the purpose of or restrictions contained in a gift instrument through which a donor contributes to an institutional fund.
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Votes were cast on this bill on the following dates for which Richmond Sunlight has video: 01/17/2008, 01/24/2008, 01/24/2008, 01/30/2008, 01/30/2008, 01/31/2008, 02/01/2008, 02/01/2008, 02/04/2008, 02/04/2008, 02/08/2008, 02/08/2008, 02/15/2008, 02/15/2008, 02/18/2008, 02/18/2008, 02/19/2008, 02/19/2008, 02/20/2008, 02/21/2008, 02/25/2008, 02/26/2008 and 02/26/2008.
Poll Results
1 vote
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Bill Text
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