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House Bill 1947


House Bill 1947

ARCHIVE (2001)

Latest Information

 

DIGEST OF HB1947 (Updated March 5, 2001 4:03 PM - DI 84)


Cy pres in charitable trusts and corporations. Provides that the following may bring an action under the cy pres doctrine against a charitable trust or corporation: (1) The settlor of the trust. (2) A beneficiary of the trust or charitable corporation. (3) The attorney general. (4) A donor to a charitable trust or charitable nonprofit corporation if the donor has contributed at least $1,000 to the trust or corporation and the trust or corporation has solicited and received more than $25,000 in public donations or public contributions. (5) A beneficiary of the charitable corporation. (6) A taxpayer of a governmental entity that has provided more than $500,000 in subsidies, tax credits, or tax exemptions to the trust or charitable nonprofit corporation. Allows a living heir of a donor of a charitable contribution to a trust or charitable corporation to present evidence of the intent of the donor of a charitable contribution.
Current Status:
 Passed 2nd reading - first House
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