RSA 564-F:7-702 · Reserved Powers

564-F:7-702 Reserved Powers. –

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(a)

The founder may reserve any one or more powers, rights, and interests, including any of the following:

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(1)

The power to amend or restate the foundation's certificate of formation;

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(2)

The power to amend, restate, or revoke the foundation's bylaws;

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(3)

The power to appoint any one or more foundation officials;

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(4)

The power to remove any one or more foundation officials;

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(5)

The power to direct the directors to distribute some or all of the foundation's property to one or more beneficiaries or in furtherance of one or more of the foundation's purposes;

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(6)

The power to direct the directors concerning the investment of the foundation property;

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(7)

The right to receive distributions from the foundation; and

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(8)

The power to dissolve the foundation.

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(b)

Unless the governing documents provide otherwise, the founder retains the following powers, rights, and interests:

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(1)

The power to amend or restate the foundation's certificate of formation;

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(2)

The power to amend, restate, or revoke the foundation's bylaws;

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(3)

The power to direct the directors concerning distributions of the foundation's property;

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(4)

The right to receive distributions from the foundation; or

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(5)

The power to dissolve the foundation. Source. 2017, 257:47, eff. Oct. 1, 2017.

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