Utah Administrative Code
Topic - Money Management Council
Title R628 - Administration
Rule R628-2 - Investment of Funds of Public Education Foundations Established Under Section 53E-3-403 or Funds Acquired by Gift, Devise, or Bequest
Section R628-2-3 - Investment Directions Contained in Gift or Grant

Universal Citation: UT Admin Code R 628-2-3
Current through Bulletin 2024-06, March 15, 2024

If any gift, devise, or bequest, whether outright or in trust, is made by a written instrument which contains lawful directions as to investment thereof, the funds embodied within the gift, devise or bequest shall be invested and held in accordance with those directions. Common stock received by donation which is registered stock, or which is otherwise restricted from sale because it is not registered with the Securities and Exchange Commission, may be retained until the restrictions lapse, expire, or are revoked and shall be considered to be invested according to the terms of the donation. A gift, devise or bequest of closely held non-marketable securities, shall be purchased by the closely held entity within twenty four months of the gift, devise or bequest. Evidence of such put shall be furnished at the time of the gift, devise or bequest.

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