1718                                     LAWS OF MARYLAND                                 Ch. 838

Approved May 24, 1973.

CHAPTER 838
(House Bill 1087)

AN ACT to add new Sections 6 to 15, inclusive, to Article 49A of the Annotated
Code of Maryland (1972 Replacement Volume), title "Investments," to follow
immediately after Section 5 thereof and to be under the new subtitle
"Management of Institutional Funds," enacting the so-called Uniform
Management of Institutional Funds Act, and relating generally to the policies,
procedures, powers, and duties for the management, handling, and
administration of certain institutional and other funds.

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That new Sections 6 to 15, inclusive, be and they are hereby added
to Article 49A of the Annotated Code of Maryland (1972 Replacement Volume),
title "Investments," to follow immediately after Section 5 thereof and to be under
the new subtitle "Management of Institutional Funds," and to read as follows:

MANAGEMENT OF INSTITUTIONAL FUNDS

6. DEFINITIONS:

(A)  THE WORDS AND PHRASES LISTED BELOW IN THIS SUBTITLE
HAVE THE MEANINGS INDICATED.

(B)        "INSTITUTION" MEANS AN INCORPORATED OR
UNINCORPORATED ORGANIZATION ORGANIZED AND OPERATED
EXCLUSIVELY FOR EDUCATIONAL, RELIGIOUS, CHARITABLE, OR
OTHER ELEEMOSYNARY PURPOSES, OR A GOVERNMENTAL
ORGANIZATION TO THE EXTENT THAT IT HOLDS FUNDS
EXCLUSIVELY FOR ANY OF THESE PURPOSES.

(C)    "INSTITUTIONAL FUND" MEANS A FUND HELD BY AN
INSTITUTION FOR ITS EXCLUSIVE USE, BENEFIT, OR PURPOSES,
BUT DOES NOT INCLUDE (1) A FUND HELD FOR AN INSTITUTION
BY A TRUSTEE THAT IS NOT AN INSTITUTION OR (2) A FUND IN
WHICH A BENEFICIARY THAT IS NOT AN INSTITUTION HAS AN
INTEREST, OTHER THAN POSSIBLE RIGHTS THAT COULD ARISE
UPON VIOLATION OR FAILURE OF THE PURPOSES OF THE FUND.

(D)  "ENDOWMENT FUND" MEANS AN INSTITUTIONAL FUND, OR
ANY PART THEREOF, NOT WHOLLY EXPENDABLE BY THE
INSTITUTION ON A CURRENT BASIS UNDER THE TERMS OF THE
APPLICABLE GIFT INSTRUMENT.

(E)  "GOVERNING BOARD" MEANS THE BODY RESPONSIBLE FOR
THE MANAGEMENT OF AN INSTITUTION OR OF AN
INSTITUTIONAL FUND.

(F)   "HISTORIC DOLLAR VALUE" MEANS THE AGGREGATE FAIR
VALUE IN DOLLARS OF (1) AN ENDOWMENT FUND AT THE TIME IT
BECAME AN ENDOWMENT FUND, (2) EACH SUBSEQUENT