§ 18-9-16 - Termination of certain charitable trusts. - Rhode Island Statutes

SECTION 18-9-16

   § 18-9-16  Termination of certaincharitable trusts. – (a) A charitable trust with total assets of less than two hundred thousanddollars ($200,000) may be terminated at any time at the discretion of thetrustee or trustees with the consent of the attorney general and thebeneficiary or beneficiaries by delivery of the assets to the beneficiary orbeneficiaries.

   (b) Where the trustee or trustees have discretion in theselection of the beneficiary or beneficiaries, only the consent of the attorneygeneral shall be required, and the discretion in the selection of thebeneficiary or beneficiaries to receive the assets shall be exercised by thetrustee or trustees.

   (c) The beneficiary or beneficiaries to whom the trust estateshall be delivered shall hold and apply the trust estate for the uses andpurposes set forth in this instrument.