KRS 273.620: Release or modification of restrictions on management, investment, or

purpose.

(1) If the donor consents in a record, an institution may release or modify, in whole or

in part, a restriction contained in a gift instrument on the management, investment ,

or purpose of an institutional fund. A release or modification may not allow a fund

to be used for a purpose other than a charitable purpose of the institution.

(2) The court, upon application of an institution, may modify a restriction contained in

a gift instrument regarding the management or investment of an institutional fund if

the restriction has become impracticable or wasteful, if it impairs the management

or investment of the fund, or if, because of circumstances not anticipated by the

donor, a m odification of a restriction will further the purposes of the fund. The

institution shall notify the Attorney General of the application, and the Attorney

General shall be given an opportunity to be heard. To the extent practicable, any

modification shall be made in accordance with the donor's probable intention.

(3) If a particular charitable purpose or a restriction contained in a gift instrument on

the use of an institutional fund becomes unlawful, impracticable, impossible to

achieve, or wasteful, the c ourt, upon application of an institution, may modify the

purpose of the fund or the restriction on the use of the fund in a manner consistent

with the charitable purpose expressed in the gift instrument. The institution shall

notify the Attorney General of the application, and the Attorney General shall be

given an opportunity to be heard.

(4) If an institution determines that a restriction contained in a gift instrument on the

management, investment, or purpose of an institutional fund is unlawful,

impracticable, impossible to achieve, or wasteful, the institution, sixty (60) days

after notification to the Attorney General, may release or modify the restriction, in

whole or part, if:

(a) The institutional fund subject to the restriction has a total value of less than

fifty thousand dollars ($50,000);

(b) More than twenty (20) years have elapsed since the fund was established; and

(c) The institution uses the property in a manner consistent with the charitable

purposes expressed in the gift instrument.