172.290. Grants not to be diverted — reasonable portion may be used for administration. — Notwithstanding any other provision of law to the contrary, grants made to the curators for specified purposes and uses shall not be applied, either wholly or in part, to any other uses; provided, however, that in carrying out its duties as trustee, the curators may use a reasonable portion of its endowment to support internal endowment administration and development functions. For purposes of this section, "reasonable portion" shall mean no more than two percent of the total market value of the endowment for the applicable year.
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(RSMo 1939 § 10809, A.L. 2009 H.B. 239)
Prior revisions: 1929 § 9652; 1919 § 11549; 1909 § 11123
---- end of effective 28 Aug 2009 ----
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