78th Texas Legislature, Regular Session, House Bill 1471, Chapter 550 Page: 2 of 5
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H.B. No. 1471
1 adjustments between the principal and the income portions of a
2 trust to the extent that the trustee considers the adjustments
3 necessary:
4 (1) to comply with the terms of the trust, if any, that
5 describe the amount that may or must be distributed to a charitable
6 entity beneficiary by referring to the income portion of the trust;
7 and
8 (2) to administer the trust in order to carry out the
9 purposes of the charitable trust.
10 (d) The authority to make adjustments under Subsection (c)
11 includes the authority to allocate all or part of a capital gain to
12 trust income.
13 (e) In making adjustments under Subsection (c), the trustee
14 shall consider:
15 (1) except to the extent that the terms of the trust
16 clearly manifest an intention that the trustee shall or may favor
17 one or more charitable entity beneficiaries, the needs of a
18 charitable entity beneficiary, based on what is fair and reasonable
19 to all other charitable entity beneficiaries of the trust, if any;
20 and
21 (2) the need of the trust to maintain the purchasing
22 power of the trust's investments over time.
23 SECTION 2. Section 113.082, Property Code, is amended by
24 amending Subsection (a) and adding Subsection (c) to read as
25 follows:
26 (a) A trustee may be removed in accordance with the terms of
27 the trust instrument, or, on the petition of an interested person2
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Texas. Legislature. House of Representatives. 78th Texas Legislature, Regular Session, House Bill 1471, Chapter 550, legislative document, June 20, 2003; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth158176/m1/2/: accessed April 28, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.