Chapter
375
2006 -- S 2296
Enacted 07/07/06
A N A
C T
RELATING TO
FIDUCIARIES -- CHARITABLE TRUSTS
Introduced By: Senator F
Caprio
Date Introduced: February
02, 2006
It is
enacted by the General Assembly as follows:
SECTION
1. Section 18-9-16 of the General Laws in Chapter 18-9 entitled
"Charitable
Trusts"
is hereby amended to read as follows:
18-9-16.
Termination of certain charitable trusts. -- (a) A charitable trust
with total
assets
of less than one two hundred thousand dollars ($100,000) ($200,000)
may be terminated at
any time
at the discretion of the trustee or trustees with the consent of the attorney
general and the
beneficiary
or beneficiaries by delivery of the assets to the beneficiary or beneficiaries.
(b) Where the trustee or trustees have discretion in the selection of the
beneficiary or
beneficiaries,
only the consent of the attorney general shall be required, and the discretion
in the
selection
of the beneficiary or beneficiaries to receive the assets shall be exercised by
the trustee
or
trustees.
(c) The beneficiary or beneficiaries to whom the trust estate shall be
delivered shall hold
and
apply the trust estate for the uses and purposes set forth in this instrument.
SECTION
2. This act shall take effect upon passage and shall apply to trusts, whenever
created.
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LC01060
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