§ 8-1.3 Certain charitable trusts regulated

(a) Any person desiring in his lifetime to promote the public welfare
by founding, endowing and maintaining, within this state, a public
library, museum or other educational institution, a chapel, crematory or
a board of trade or chamber of commerce may, by a disposition for such
purpose, transfer property to a trustee named in such disposition or to
his successor.

(b) The creator of such disposition may describe:

(1) The nature, object and purpose of the institution to be founded,
endowed and maintained or of the corporation to be benefited thereby.

(2) In case of the founding of an institution, the name by which it
shall be known.

(3) The powers and duties of the trustee and, if accounting is
required, the manner in which and to whom he shall account; but the
powers conferred shall not be exclusive of other powers which may be
necessary to enable such trustee to execute fully the object of such
disposition.

(4) Such rules for the management of the property as the creator may
prescribe; but, unless otherwise provided, such rules shall be advisory
only and shall not preclude the trustee from making such changes as new
circumstances may from time to time require.

(5) The manner and by whom the successor to the trustee named in the
disposition is to be appointed.

(6) The place where, and the time when, the buildings necessary and
proper for the institution shall be erected, and the character and
extent of such buildings. The creator may provide for all matters
necessary and proper to carry out the purposes of the institution, and
may provide for such lectures, exhibitions, instruction or amusement in
connection therewith as he may consider desirable.

(c) The trustee named in the disposition or his successor may sue and
defend, in the name of an institution established by such disposition,
with respect to all matters affecting such institution.

(d) The creator of the disposition may provide for the right, during
his lifetime, to personally perform the duties and exercise the powers
which the disposition imposes and confers upon the trustee, and may
further provide that his surviving spouse may, during her lifetime,
perform such duties and exercise such powers. In all cases in which such
duties and powers are performed and exercised by the creator or his
spouse, during his or her lifetime, upon his death or the death of his
spouse such duties and powers devolve upon and shall be performed and
exercised by the trustee or his successor.

(e) The creator may reserve the right to alter, amend or modify his
disposition with respect to any of the matters described in
subparagraphs (1) to (6). He may also reserve the right, during his
lifetime, to exercise complete control over the property subject to his
disposition, without obligation to account therefor in any manner
whatever, and may further provide that his surviving spouse shall,
during her lifetime, have like control over such property, without
obligation to account therefor in any manner whatever.

(f) A disposition described in this section may be executed,
acknowledged and recorded in the manner provided by the law of this
state for the execution, acknowledgment and recording of conveyances of
real property.

(g) No action or proceeding shall be maintained by any person to
affect, impair, or defeat a disposition described in this section or to
affect the title to property subject to such disposition or the right to
the possession of such property or the income therefrom, unless such
action or proceeding is commenced within two years from the time such
disposition is recorded. Nor shall any defense be made to any action or
proceeding maintained by a trustee or his successor which involves the
legality of such disposition or affects the title to property subject
thereto or the right to the possession of such property or the income
therefrom, unless such defense is made in an action or proceeding
commenced within two years from the time such disposition is recorded.