RSA 564-F:13-1302 · Duty of Loyalty

564-F:13-1302 Duty of Loyalty. –

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(a)

Unless the governing documents provide otherwise, a protector has a duty to exercise his, her, or its powers solely in the interests of the foundation's purposes and the beneficiaries' interests.

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(b)

Unless the governing documents provide otherwise, a transaction not concerning the foundation or its property in which a protector engages in the protector's personal capacity or a person affiliated, related, or similarly associated with the protector engages does not violate the protector's duty under subsection (a) to the extent that:

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(1)

The protector discloses the transaction to the other protectors reasonably in advance of the transaction; and

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(2)

The transaction is fair to the foundation.

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(c)

A transaction not concerning a foundation's property in which a protector engages in the protector's personal capacity involves a conflict between personal and fiduciary interests if the transaction concerns an opportunity properly belonging to the foundation. Source. 2017, 257:47, eff. Oct. 1, 2017. 2018, 210:9, eff. June 8, 2018.

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