New Hampshire Revised Statutes 564-F:17-1703 – Cy Pres
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(a) To the extent that a foundation is a charitable trust and one of its charitable purposes becomes impossible, impracticable, illegal, obsolete, ineffective, or prejudicial to the public interest to achieve, a court may apply cy pres for the following purposes:
(1) Modifying the foundation’s certificate of formation or its bylaws; or
(2) Directing the foundation to apply or distribute some or all of its property to one or more charitable purposes that:
(A) Are useful to the community;
(B) Fulfills as nearly as possible the founder’s charitable intent; and
(C) Do not violate any of the foundation’s material purposes; or
(3) Terminating the foundation.
(b) Any of the following persons may commence a judicial proceeding seeking the application of cy pres to a foundation under this section:
(1) A foundation official;
(2) Unless the governing documents provide otherwise, a beneficiary; and
(3) The director of charitable trusts.
(1) Modifying the foundation’s certificate of formation or its bylaws; or
Terms Used In New Hampshire Revised Statutes 564-F:17-1703
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- following: when used by way of reference to any section of these laws, shall mean the section next preceding or following that in which such reference is made, unless some other is expressly designated. See New Hampshire Revised Statutes 21:13
(2) Directing the foundation to apply or distribute some or all of its property to one or more charitable purposes that:
(A) Are useful to the community;
(B) Fulfills as nearly as possible the founder’s charitable intent; and
(C) Do not violate any of the foundation’s material purposes; or
(3) Terminating the foundation.
(b) Any of the following persons may commence a judicial proceeding seeking the application of cy pres to a foundation under this section:
(1) A foundation official;
(2) Unless the governing documents provide otherwise, a beneficiary; and
(3) The director of charitable trusts.