RSA 564-F:17-1702 · Reformation

564-F:17-1702 Reformation. –

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(a)

A court may reform a foundation's certificate of formation or its bylaws for purposes of conforming the certificate of formation or the bylaws to the founder's intent if:

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(1)

Whether in the expression or inducement, the foundation's certificate of formation or its bylaws were affected by a mistake of fact, a mistake of law, or both a mistake of fact and a mistake of law; and

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(2)

The founder's intent is proven by clear and convincing evidence;

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(3)

The mistake is proven by clear and convincing evidence; and

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(4)

The reformation does not violate any of the foundation's material purposes.

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(b)

A court may reform a foundation's certificate of formation or its bylaws for purposes of achieving the founder's tax objectives if:

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(1)

The reformation is consistent with the founder's intent; and

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(2)

The reformation does not violate any of the foundation's material purposes.

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(c)

A reformation under this section may be retroactive or prospective.

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(d)

Any of the following persons may commence a judicial proceeding seeking reformation of a foundation's certificate of formation or its bylaws under this section:

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(1)

A founder;

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(2)

A foundation official;

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(3)

Unless the governing documents provide otherwise, a beneficiary; and

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(4)

To the extent that the foundation is a charitable trust, the director of charitable trusts. Source. 2017, 257:47, eff. Oct. 1, 2017.

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