PA 08-6—sSB 219

Banks Committee

Judiciary Committee

AN ACT REPEALING THE CONNECTICUT UNIFORM MANAGEMENT OF INSTITUTIONAL FUNDS ACT

SUMMARY: This act repeals the Uniform Management of Institutional Funds Act. In 2007, the legislature adopted the Uniform Prudent Management of Institutional Funds Act, which provides guidelines for the management, investment, and expenditure of institutional funds, but did not repeal the existing law on the same subject matter.

The act also expands the definition of institutional funds under the more recent act to include funds held by trustees for charitable community trusts. Funds held by an institution exclusively for charitable purposes are already included in this definition.

EFFECTIVE DATE: Upon passage

OLR Tracking: SC: km: jsl: dw/tjo