As used in this chapter, "institutional fund" means a fund held by an institution exclusively for charitable purposes. The term does not include the following:
- (1) A fund held for an institution by a trustee that is not an institution.
- (2) A fund in which a beneficiary that is not an institution has an interest, other than possible rights that could arise upon violation or failure of the purposes of the fund.
- (3) Assets held by an institution primarily for charitable purposes and not primarily for investment purposes.
As added by P.L.268-1989, SEC.1. Amended by P.L.266-1995, SEC.3; P.L.226-2007, SEC.12.