Monday, August 8, 2011

Model Protection of Charitable Assets Act Approved

We previously blogged about the draft version of this new uniform law.  At its July 2011 annual conference, the National Conference of of Commissioners on Uniform State Laws approved the Model Protection of Charitable Assets Act and recommended its enactment by the states.  Here is the Uniform Law Commission's description of the Act:

The Model Protection of Charitable Assets Act will articulate and confirm the role of the state Attorney General in protecting charitable assets. The Attorney General’s authority is broad and this Act will not limit or narrow that authority. The Act provides the Attorney General (the term is used in the act to mean the charity regulator in the state) with an inventory of basic information without overburdening the charities or the Attorney General with excessive reporting requirements. The Act specifies which transactions and legal proceedings require notice to the Attorney General and provides for registration and annual reports for some charities.


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