(B) If written consent of the donor cannot be obtained by reason of his death, disability, unavailability, or impossibility of identification, the governing board may:

1. (1) release, in whole or in part, a restriction imposed by the applicable gift instrument on the use or investment of an institutional fund, if the governing board first obtains the written consent of all of the children or heirs of the donor in the generation closest to donor's which has a living heir; or
2. (2) apply in the name of the institution to the circuit court for release of a restriction imposed by the applicable gift instrument on the use or investment of an institutional fund. The Attorney General must be notified of the application and must be given an opportunity to be heard. If the court finds that the restriction is obsolete, inappropriate, or impracticable, it may by order release the restriction in whole or in part. A release under this subsection may not change an endowment fund to a fund that is not an endowment fund.