RSA 564-F:11-1104 · Duty of Prudent Management

564-F:11-1104 Duty of Prudent Management. –

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(a)

Unless the governing documents provide otherwise, a director has a duty to manage the foundation, its affairs, and its property as a prudent person would manage the foundation, its affairs, and its property.

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(b)

In satisfying the standard under subsection (a), a director shall:

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(1)

Exercise reasonable care and skill; and

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(2)

Consider the factors that are relevant under the circumstances, including:

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(A)

The foundation's purposes;

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(B)

The beneficiaries' interests; and

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(C)

The foundation's distributional requirements.

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(c)

In managing the foundation, its affairs, and its property, a director may incur only costs that are reasonable in relation to the foundation's property, the foundation's purposes, and the director's skills. Source. 2017, 257:47, eff. Oct. 1, 2017.

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