DIGEST OF INTRODUCED BILL
Cy pres; trusts and public benefit corporations. Allows a court (under the cy pres doctrine) to prevent failure of a public benefit corporation that has substantially changed its purpose by directing property donated to the corporation to another charitable purpose consistent with the donor's general intent to devote the property to general charitable purposes. Provides that the following may bring an action under the cy pres doctrine against a trust for a benevolent public purpose or a public benefit corporation: (1) The settlor of the trust. (2) A beneficiary of the trust or corporation. (3) The attorney general. (4) A donor to a trust or 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 corporation. (6) A taxpayer of a governmental entity that has provided more than $500,000 in tax 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 corporation to present evidence of the intent of the donor.