Bill Text: HI SB121 | 2010 | Regular Session | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Uniform Prudent Management of Institutional Funds Act

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Engrossed - Dead) 2009-05-11 - Carried over to 2010 Regular Session. [SB121 Detail]

Download: Hawaii-2010-SB121-Amended.html

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STAND. COM. REP. NO. 524

 

Honolulu, Hawaii

                  

 

RE:    S.B. No. 121

       S.D. 1

 

 

 

Honorable Colleen Hanabusa

President of the Senate

Twenty-Fifth State Legislature

Regular Session of 2009

State of Hawaii

 

Madam:

 

     Your Committee on Judiciary and Government Operations, to which was referred S.B. No. 121, S.D. 1, entitled:

 

"A BILL FOR AN ACT RELATING TO THE UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT,"

 

begs leave to report as follows:

 

     The purpose of this measure is to enact the Uniform Prudent Management of Institutional Funds Act to provide statutory guidelines for the management, investment, and expenditures of endowment funds held by charitable institutions.

 

     This measure also repeals the existing chapter 517D, Hawaii Revised Statutes.  This measure is a product of the Uniform Law Commissioners.  The new Act expressly provides for diversification of assets, pooling of assets, and total return investment, to implement portfolio management and to bring the law in line with modern investment and expenditure practice.

 

     As affirmed by the record of votes of the members of your Committee on Judiciary and Government Operations that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 121, S.D. 1, and recommends that it pass Third Reading.

 

Respectfully submitted on behalf of the members of the Committee on Judiciary and Government Operations,

 

		____________________________ BRIAN T. TANIGUCHI, Chair