New Hampshire Revised Statutes 564-F:13-1302 – Duty of Loyalty
Current as of: 2023 | Check for updates
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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.
(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:
(1) The protector discloses the transaction to the other protectors reasonably in advance of the transaction; and
(2) The transaction is fair to the foundation.
(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.
(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:
Terms Used In New Hampshire Revised Statutes 564-F:13-1302
- Fiduciary: A trustee, executor, or administrator.
- person: may extend and be applied to bodies corporate and politic as well as to individuals. See New Hampshire Revised Statutes 21:9
(1) The protector discloses the transaction to the other protectors reasonably in advance of the transaction; and
(2) The transaction is fair to the foundation.
(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.