§28-5.2 Protection of charitable assets; attorney general's authority. (a) The attorney general shall represent the public interest in the protection of charitable assets and may:
(1) Enforce the application of a charitable asset in accordance with:
(A) The law and terms governing the use, management, investment, distribution, and expenditure of the charitable asset; and
(B) The charitable purpose of the person holding the asset;
(2) Act to prevent or remedy:
(A) The misapplication, diversion, or waste of a charitable asset; or
(B) A breach of fiduciary or other legal duty in the governance, management, or administration of a charitable asset; or
(3) Commence or intervene in an action to:
(A) Prevent, remedy, or obtain damages for:
(i) The misapplication, diversion, or waste of a charitable asset; or
(ii) A breach of fiduciary or other legal duty in the governance, management, or administration of a charitable asset; or
(B) Determine that an asset is a charitable asset.
(b) If the attorney general has reason to believe an investigation is necessary to determine whether action is advisable under this section, the attorney general may conduct an investigation, including exercising administrative subpoena power under sections 28-2.5 and 467B-9.3.
(c) This section shall not limit the powers and duties of the attorney general under the laws of this State.
(d) As used in this section "charitable asset" means property that is given, received, or held for a charitable purpose. The term does not include property acquired or held for a for-profit purpose.
(e) As used in this section, "property" includes all interests in real property or tangible or intangible personal property, including cash, remainder interests, land, and conservation or preservation easements or restrictions. The remainder interest in a charitable remainder trust is property held for a charitable purpose, as is the current interest in a charitable lead trust, property held for ten years in a building fund, and property given to a charitable organization subject to a restriction on its use. Property held in a revocable trust that provides a remainder interest for a charitable purpose is not a charitable asset while the settlor is alive because the settlor can revoke or change the interest. [L 2014, c 217, §2; am L 2017, c 86, §1]
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