Charitable Trust Act

The act governs the oversight of property held for charitable purposes, requiring those who hold or administer such property as trustees to register with and report to the state attorney general once the property exceeds a threshold value. It gives the attorney general authority to investigate whether charitable assets are being properly administered, to bring proceedings compelling compliance and proper administration, and to adopt rules implementing the statute, with the register and filed instruments generally open to public inspection. Its provisions apply notwithstanding contrary terms in the governing instrument, and it exposes trustees who intentionally misuse charitable assets in breach of fiduciary duty to punitive damages.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.