sec.40EPowers

### sec.40E Powers The foundation committee may exercise the powers delegated to it by the board under section 40 . In exercising the powers, the foundation committee is subject to the written directions of the board. In performing its function, the foundation committee has the powers necessary to encourage gifts, donations, bequests and legacies of property for the benefit of the board. In performing its function and exercising its powers, the foundation committee must not incur a debt. For investing property made available to the foundation committee by the board, the foundation committee may use only the powers the board has for investing the property that the board has delegated to the foundation committee. s 40E ins 2012 No. 24 s 7 (sec.40E-ssec.1) The foundation committee may exercise the powers delegated to it by the board under section 40 . (sec.40E-ssec.2) In exercising the powers, the foundation committee is subject to the written directions of the board. (sec.40E-ssec.3) In performing its function, the foundation committee has the powers necessary to encourage gifts, donations, bequests and legacies of property for the benefit of the board. (sec.40E-ssec.4) In performing its function and exercising its powers, the foundation committee must not incur a debt. (sec.40E-ssec.5) For investing property made available to the foundation committee by the board, the foundation committee may use only the powers the board has for investing the property that the board has delegated to the foundation committee.