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The Florida Senate

2005 Florida Statutes

Supervision by public charitable organization.
Section 737.510, Florida Statutes 2005

737.510  Supervision by public charitable organization.--

(1)  The trustee of a trust subject to the supervision by a specified public charitable organization or organizations, as provided in s. 737.508(5) shall file with each specified charitable organization:

(a)  A true copy of the governing instrument with a verified written report setting forth complete information concerning the nature of the assets and liabilities at the delivery of the release pursuant to s. 737.508(4), or the filing of the election under s. 737.509

(b)  An annual report within 41/2 months following the close of each year setting forth a complete statement of receipts, disbursements, assets with cost and market value of each asset, and liabilities.

(c)  Such other information as may be necessary to compel proper administration of the trust.

(2)  By delivery of the release or execution of the election, as the case may be, the trustee and each specified public charitable organization, by accepting delivery of the release as provided in s. 737.508(4), or by consenting to the election in s. 737.509, agree that the public charitable organization or organizations shall have:

(a)  The power and duty to compel the proper administration of the trust.

(b)  The power to inspect the books, records, memoranda, papers, documents of title, and evidence of assets, liabilities, receipts, or disbursements in the possession or control of the trustee or other person having custody of the books and records.

(c)  The power to require such other information as may be necessary to compel proper administration of the trust.

History.--s. 1, ch. 74-106; s. 12, ch. 75-221.

Note.--Created from former s. 691.20.