in 2005]

130.445 in 2005]

����� 128.300 [2001 c.593 �15; 2005 c.348 �107; renumbered 130.450 in 2005]

UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT

����� 128.305 Short title. ORS 128.305 to 128.336 may be cited as the Uniform Prudent Management of Institutional Funds Act. [2007 c.554 �10]

����� 128.308 [2001 c.636 �1; repealed by 2005 c.348 �128]

����� 128.310 [1975 c.707 �11; repealed by 2007 c.554 �11]

����� 128.315 [1975 c.707 �2; repealed by 2007 c.554 �11]

����� 128.316 Definitions for ORS 128.305 to 128.336. As used in ORS 128.305 to 128.336:

����� (1) �Charitable purpose� means the relief of poverty, the advancement of education or religion, the promotion of health, the promotion of a governmental purpose or any other purpose the achievement of which is beneficial to the community.

����� (2) �Endowment fund� means an institutional fund or part of an institutional fund that, under the terms of a gift instrument, is not wholly expendable by the institution on a current basis. �Endowment fund� does not include assets that an institution designates as an endowment fund for the institution�s own use.

����� (3) �Gift instrument� means a record or records, including an institutional solicitation, under which property is granted to, transferred to or held by an institution as an institutional fund.

����� (4) �Institution� means:

����� (a) A person, other than an individual, organized and operated exclusively for charitable purposes;

����� (b) A government or governmental subdivision, agency or instrumentality, to the extent that it holds funds exclusively for a charitable purpose; and

����� (c) A trust that had both charitable and noncharitable interests, after all noncharitable interests have terminated.

����� (5) �Institutional fund� means a fund held by an institution exclusively for charitable purposes. �Institutional fund� does not include:

����� (a) Program-related assets;

����� (b) A fund held for an institution by a trustee that is not an institution;

����� (c) A fund in which a beneficiary that is not an institution has an interest, other than an interest that could arise upon violation or failure of the purposes of the fund; or

����� (d) A fund managed by the State Treasurer, moneys held by the State Treasurer for investment or moneys managed or held for investment by or on behalf of the State Treasurer under ORS chapter 293 or 348.

����� (6) �Person� means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency or instrumentality, or any other legal or commercial entity.

����� (7) �Program-related asset� means an asset held by an institution primarily to accomplish a charitable purpose of the institution and not primarily for investment.

����� (8) �Record� means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. [2007 c.554 �1]

����� 128.318 Standard of conduct in managing and investing institutional fund. (1) Subject to the intent of a donor expressed in a gift instrument, an institution, in managing and investing an institutional fund, shall consider the charitable purposes of the institution and the purposes of the institutional fund.

����� (2) In addition to complying with the duty of loyalty imposed by law other than ORS 128.305 to