{"data":{"id":"us-ok/okla.-stat.-tit.-60-60-300.16","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 60, § 60-300.16","heading":"Release or modification of restrictions on management,","body":"investment, or purpose.\n\nRELEASE OR MODIFICATION OF RESTRICTIONS ON MANAGEMENT,\n\nINVESTMENT, OR PURPOSE.\n\n(a) If the donor consents in a record, an institution may\n\nrelease or modify, in whole or in part, a restriction contained in a\n\ngift instrument on the management, investment, or purpose of an\n\ninstitutional fund. A release or modification may not allow a fund\n\nto be used for a purpose other than a charitable purpose of the\n\ninstitution.\n\n(b) The court, upon application of an institution, may modify a\n\nrestriction contained in a gift instrument regarding the management\n\nor investment of an institutional fund if the restriction has become\n\nimpracticable or wasteful, if it impairs the management or\n\ninvestment of the fund, or if, because of circumstances not\n\nanticipated by the donor, a modification of a restriction will\n\nfurther the purposes of the fund. The institution shall notify the\n\nAttorney General of the application, and the Attorney General must\n\nbe given an opportunity to be heard. To the extent practicable, any\n\nmodification must be made in accordance with the donor’s probable\n\nintention.\n\n(c) If a particular charitable purpose or a restriction\n\ncontained in a gift instrument on the use of an institutional fund\n\nbecomes unlawful, impracticable, impossible to achieve, or wasteful,\n\nthe court, upon application of an institution, may modify the\n\npurpose of the fund or the restriction on the use of the fund in a\n\nmanner consistent with the charitable purposes expressed in the gift\n\ninstrument. The institution shall notify the Attorney General of\n\nthe application, and the Attorney General must be given an\n\nopportunity to be heard.\n\n(d) If an institution determines that a restriction contained\n\nin a gift instrument on the management, investment, or purpose of an\n\ninstitutional fund is unlawful, impracticable, impossible to\n\nachieve, or wasteful, the institution, sixty (60) days after\n\nnotification to the Attorney General, may release or modify the\n\nrestriction, in whole or part, if:\n\n(1) The institutional fund subject to the restriction has a\n\ntotal value of less than Twenty-five Thousand Dollars ($25,000.00);\n\n(2) More than twenty (20) years have elapsed since the fund was\n\nestablished; and\n\n(3) The institution uses the property in a manner consistent\n\nwith the charitable purposes expressed in the gift instrument.","path":["OK Code","Title 60"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os60.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"fecc908de61859e4c3e13edd03f0597500959fbbb4423e96bd1dfeb5226142c7","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-60-60-300.15","next":"us-ok/okla.-stat.-tit.-60-60-300.17"},"notice":"GroundRules: Original legal text. Not legal advice."}