Current through the 2024 Budget Session
Section 17-30-1002 - Power of court to give directions(a) Upon application to the court by a founder, protector or statutory foundation, the court may issue a declaratory judgment regarding the following: (i) The meaning and effect of a provision in the articles of formation or operating agreement of the foundation;(ii) The administration of the property or purpose of the foundation;(iii) The function of the board of directors of the foundation;(iv) Such other matters as determined by the court to be relevant to the statutory foundation and its purpose.(b) If there is no express power to amend the purpose of a statutory foundation in the articles of formation, then a founder or the protector may apply to a court for an order to amend the purpose stated in the articles of formation in accordance with the probable intent of the founder and subject to the following: (i) The purpose stated in the articles of formation has been fulfilled;(ii) The purpose stated in the articles of formation cannot be carried out in accordance with the intent of the founder;(iii) The purpose stated in the articles of formation provides a use for only part of the property of the foundation;(iv) The purpose stated in the articles of formation cannot be completed or no longer exists.Amended by Laws 2021 , ch. 98, § 1, eff. 4/5/2021.Added by Laws 2019 , ch. 190, § 1, eff. 7/1/2019.