Definitions and Rules of Construction

Section 564-F:2-201

    564-F:2-201 Definitions. –
For purposes of this chapter, the following definitions shall apply:
(a) "Beneficiary" means a person:
(1) To whom the foundation may distribute foundation property; and
(2) The person is:
(A) Identified by name in the foundation's governing documents; or
(B) Ascertainable from the foundation's governing documents by reference to:
(i) A class; or
(ii) A relationship to another person, including an individual who may not be living at the time of the foundation's formation or at the time members of a class are to be determined under the foundation's governing documents.
(b) "Beneficiary's interest" means a beneficiary's interest in a foundation as defined by the foundation's governing documents.
(c) "Breach of duty" means a breach of any duty imposed on a foundation official by this chapter or the foundation's governing documents.
(d) "Bylaws" means the bylaws adopted under RSA 564-F:7-701, as may be amended or restated in accordance with RSA 564-F:7-703.
(e) "Certificate of formation" means the certificate of formation as filed with the secretary of state under RSA 564-F:3-301, as may be amended in accordance with RSA 564-F:3-305 or restated in accordance with RSA 564-F:3-306.
(f) "Charitable trust" means a foundation or a portion of a foundation created for one or more charitable purposes.
(g) "Director" means a person appointed as a director in accordance with RSA 564-F:10-1005.
(h) "Entity" means a person other than a natural person.
(i) "Foreign foundation" means a foundation formed under the laws of a jurisdiction other than this state.
(j) "Foundation" means a foundation formed under this chapter.
(k) "Foundation official" means each of a foundation's directors and protectors.
(l) "Founder" means a person who contributes property to a foundation. If more than one person contributes property to a foundation, then each person is a founder of the portion of the foundation property attributable to that person's contribution, except to the extent that another person has the power to revoke or withdraw that portion.
(m) "Good faith" means, with respect to a foundation official, the observance of common standards of honesty, decency, fairness, and reasonableness in accordance with the governing documents, the foundation's purposes, and the beneficiaries' interests.
(n) "Governing document" means the foundation's certificate of formation or its bylaws.
(o) "Incapacity" means an individual's inability to manage property or business affairs because the individual:
(1) Has an impairment in the ability to receive and evaluate information or make or communicate decisions even with the use of technological assistance; or
(2) Is:
(A) Missing;
(B) Detained, including incarcerated in a penal system; or
(C) Outside the United States and unable to return.
(p) "Individual" means a natural person.
(q) "Jurisdiction," with respect to a geographic area, includes a state or country.
(r) "Person" means an individual, corporation, business trust, estate, trust, foundation, partnership, limited liability company, association, joint venture, government (including a governmental subdivision, agency, or instrumentality), public corporation, or any other legal or commercial entity.
(s) "Principal office" means the office where a foundation's principal executive offices are located. A foundation's principal office may be located in or outside this state.
(t) "Property" means anything that may be the subject of ownership, whether real or personal, legal or equitable, or any interest in anything that may be the subject of ownership.
(u) "Qualified beneficiary" means a beneficiary who, on the date the beneficiary's qualification is determined:
(1) Is a distributee or permissible distributee of the foundation's property;
(2) Would be a distributee or permissible distributee of the foundation's property if the interests of the distributees described in subsection (u) (1) terminated on that date but the termination of those interests would not cause the foundation to dissolve; or
(3) Would be a distributee or permissible distributee of the foundation's property if the foundation dissolved on that date.
(v) "Record" means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.
(w) "Registered foreign foundation" means a foreign foundation that is registered under RSA 564-F:21-2102.
(x) "Registrable activity" is defined in RSA 564-F:21-2101(b).
(y) "State" means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. The term "state" includes an Indian tribe or band that is recognized by federal law or formally acknowledged by a state.

Source. 2017, 257:47, eff. Oct. 1, 2017. 2018, 210:1, 4, eff. June 8, 2018.