D. 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, after sixty days after notification to the attorney general, may release or modify the restriction, in whole or part, if all of the following apply:

1. 1. The institutional fund subject to the restriction has a total value of less than fifty thousand dollars.
2. 2. More than twenty years have elapsed since the fund was established.
3. 3. The institution uses the property in a manner consistent with the charitable purposes expressed in the gift instrument.