RSA 564-F:20-2013 · Judicial Dissolution

564-F:20-2013 Judicial Dissolution. –

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(a)

A court may dissolve a foundation if:

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(1)

The foundation procured its certificate of formation through fraud, duress, or undue influence;

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(2)

The foundation's purposes are not lawful or are contrary to the public policy of this state;

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(3)

The foundation has exceeded or abused its lawful authority under this chapter;

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(4)

The foundation has carried on, conducted, or transacted its affairs in a persistently fraudulent or illegal manner; or

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(5)

The foundation has abused its power contrary to the public policy of this state.

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(b)

A court may dissolve a foundation if:

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(1)

All of the foundation officials consent to the termination;

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(2)

All of the beneficiaries consent to the termination;

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(3)

To the extent that the foundation is a charitable trust, the director of charitable trusts consents to the dissolution; and

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(4)

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

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(c)

A court may dissolve a foundation if:

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(1)

Because of circumstances that the founder did not anticipate, the dissolution will further the foundation's purposes; and

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(2)

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

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(d)

Any of the following persons may commence a judicial proceeding seeking the foundation's dissolution under this section:

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(1)

A foundation official;

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(2)

A beneficiary unless the governing documents prohibit the beneficiary from commencing a judicial proceeding seeking the foundation's dissolution;

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(3)

To the extent that the foundation is a charitable trust, the director of charitable trusts; and

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(4)

With respect to a dissolution under subsection (a), the attorney general. Source. 2017, 257:47, eff. Oct. 1, 2017. ARTICLE 21 Foreign Foundations

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