HB4663ham002 97TH GENERAL ASSEMBLY

Rep. Emily McAsey

Filed: 3/26/2012

09700HB4663ham002 LRB097 14226 JLS 67959 a

AMENDMENT TO HOUSE BILL 4663

AMENDMENT NO. ______. Amend House Bill 4663 on page 6 by replacing lines 15 through 25 with the following:

"If a charity is a current beneficiary or a presumptive remainder beneficiary of the trust, a trust protector must give notice to the Attorney General's Charitable Trust Bureau at least 60 days before taking any of the actions authorized under item (2), (3), (4), (5), or (6) of this subsection. The Attorney General's Charitable Trust Bureau may, however, waive this notice requirement.

(e) Duty and liability of directing party. A directing party is a fiduciary of the trust subject to the same duties and standards applicable to a trustee of a trust as provided by applicable law unless the governing instrument provides otherwise, but the governing instrument may not, however, relieve or exonerate a directing party from the duty to act or withhold acting as the directing party in good faith reasonably believes is in the best interests of the trust."; and

on page 8 by replacing lines 11 through 15 with the following:

"the role or responsibilities of a directing party, or if the excluded party appoints a directing party or successor to a directing party, then the excluded fiduciary shall also assume the same fiduciary and other duties and standards that applied to such directing party.".