reglab/statecodes huggingface dataset:
2023 Wyoming Statutes › Title 17 - Corporations, Partnerships and Associations › Chapter 4 - Securities › Article 4 - Broker-Dealers, Agents, Investment Advisers, Investment Adviser Representatives, and Federal Covered Investment Advisers › Section 17-4-410 - Filing Fees.

17-4-410. Filing fees.
(a) A person shall pay a fee of two hundred fifty dollars ($250.00) when initially filing an application for registration as a broker-dealer and a fee of two hundred fifty dollars ($250.00) when filing a renewal of registration as a broker-dealer. If the filing results in a denial or withdrawal, the secretary of state shall retain the entire fee.
(b) The fee for an individual is forty-five dollars ($45.00) when filing an application for registration as an agent, a fee of forty-five dollars ($45.00) when filing a renewal of registration as an agent, and a fee of forty-five dollars ($45.00) when filing for a change of registration as an agent. If the filing results in a denial or withdrawal, the secretary of state shall retain the entire fee.
(c) A person shall pay a fee of two hundred fifty dollars ($250.00) when filing an application for registration as an investment adviser and a fee of two hundred fifty dollars ($250.00) when filing a renewal of registration as an investment adviser. If the filing results in a denial or withdrawal, the secretary of state shall retain the entire fee.
(d) The fee for an individual is forty-five dollars ($45.00) when filing an application for registration as an investment adviser representative, a fee of forty-five dollars ($45.00) when filing a renewal of registration as an investment adviser representative, and a fee of forty-five dollars ($45.00) when filing a change of registration as an investment adviser representative. If the filing results in a denial or withdrawal, the secretary of state shall retain the entire fee.
(e) A federal covered investment adviser required to file a notice under W.S. 17-4-405 shall pay an initial fee of two hundred fifty dollars ($250.00) and an annual notice fee of two hundred fifty dollars ($250.00).
(f) A person required to pay a filing or notice fee under this section may transmit the fee through or to a designee as a rule or order provides under this act.
(g) An investment adviser representative who is registered as an agent under W.S. 17-4-402 and who represents a person that is both registered as a broker-dealer under W.S. 17-4-401 and registered as an investment adviser under W.S. 17-4-403 or required as a federal covered investment adviser to make a notice filing under W.S. 17-4-405 is not required to pay an initial or annual registration fee for registration as an investment adviser representative.
2023 Wyoming Statutes › Title 17 - Corporations, Partnerships and Associations › Chapter 4 - Securities › Article 5 - Fraud and Liabilities › Section 17-4-501 - General Fraud.

17-4-501. General fraud.
(a) It is unlawful for a person, in connection with the offer, sale, or purchase of a security, directly or indirectly:
(i) To employ a device, scheme, or artifice to defraud;
(ii) To make an untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading; or
(iii) To engage in an act, practice, or course of business that operates or would operate as a fraud or deceit upon another person.
2023 Wyoming Statutes › Title 17 - Corporations, Partnerships and Associations › Chapter 4 - Securities › Article 5 - Fraud and Liabilities › Section 17-4-502 - Prohibited Conduct in Providing Investment Advice.

17-4-502. Prohibited conduct in providing investment advice.
(a) It is unlawful for a person that advises others for compensation, either directly or indirectly or through publications or writings, as to the value of securities or the advisability of investing in, purchasing, or selling securities or that, for compensation and as part of a regular business, issues or promulgates analyses or reports relating to securities:
(i) To employ a device, scheme, or artifice to defraud another person; or
(ii) To engage in an act, practice, or course of business that operates or would operate as a fraud or deceit upon another person.
(b) A rule adopted under this act may define an act, practice, or course of business of an investment adviser or an investment adviser representative, other than a supervised person of a federal covered investment adviser, as fraudulent, deceptive, or manipulative, and prescribe means reasonably designed to prevent investment advisers and investment adviser representatives, other than supervised persons of a federal covered investment adviser, from engaging in acts, practices, and courses of business defined as fraudulent, deceptive, or manipulative.
(c) A rule adopted under this act may specify the contents of an investment advisory contract entered into, extended, or renewed by an investment adviser.
2023 Wyoming Statutes › Title 17 - Corporations, Partnerships and Associations › Chapter 4 - Securities › Article 5 - Fraud and Liabilities › Section 17-4-503 - Evidentiary Burden.

17-4-503. Evidentiary burden.
(a) In a civil action or administrative proceeding under this act, a person claiming an exemption, exception, preemption, or exclusion has the burden to prove the applicability of the claim.
(b) In a criminal proceeding under this act, a person claiming an exemption, exception, preemption, or exclusion has the burden of going forward with evidence of the claim.
2023 Wyoming Statutes › Title 17 - Corporations, Partnerships and Associations › Chapter 4 - Securities › Article 5 - Fraud and Liabilities › Section 17-4-504 - Filing of Sales and Advertising Literature.

17-4-504. Filing of sales and advertising literature.
(a) Except as otherwise provided in subsection (b) of this section, a rule adopted or order issued under this act may require the filing of a prospectus, pamphlet, circular, form letter, advertisement, sales literature, or other advertising record relating to a security or investment advice, addressed or intended for distribution to prospective investors, including clients or prospective clients of a person registered or required to be registered as an investment adviser under this act.
(b) This section does not apply to sales and advertising literature specified in subsection (a) of this section which relates to a federal covered security, a federal covered investment adviser, or a security or transaction exempted by W.S. 17-4-201 through 17-4-204 except as required pursuant to W.S. 17-4-201(a)(vii).
2023 Wyoming Statutes › Title 17 - Corporations, Partnerships and Associations › Chapter 4 - Securities › Article 5 - Fraud and Liabilities › Section 17-4-505 - Misleading Filings.

17-4-505. Misleading filings.
It is unlawful for a person to make or cause to be made, in a record that is used in an action or proceeding or filed under this act, a statement that, at the time and in the light of the circumstances under which it is made, is false or misleading in a material respect, or, in connection with the statement, to omit to state a material fact necessary to make the statement made, in the light of the circumstances under which it was made, not false or misleading.
2023 Wyoming Statutes › Title 17 - Corporations, Partnerships and Associations › Chapter 4 - Securities › Article 5 - Fraud and Liabilities › Section 17-4-506 - Misrepresentations Concerning Registration or Exemption.

17-4-506. Misrepresentations concerning registration or exemption.
(a) The filing of an application for registration, a registration statement, a notice filing under this act, the registration of a person, the notice filing by a person, or the registration of a security under this act does not constitute a finding by the secretary of state that a record filed under this act is true, complete, and not misleading. The filing or registration or the availability of an exemption, exception, preemption, or exclusion for a security or a transaction does not mean that the secretary of state has passed upon the merits or qualifications of, or recommended or given approval to, a person, security, or transaction.
(b) It is unlawful to make, or cause to be made, to a purchaser, customer, client, or prospective customer or client a representation inconsistent with this section.
2023 Wyoming Statutes › Title 17 - Corporations, Partnerships and Associations › Chapter 4 - Securities › Article 5 - Fraud and Liabilities › Section 17-4-507 - Qualified Immunity.

17-4-507. Qualified immunity.
A broker-dealer, agent, investment adviser, federal covered investment adviser, or investment adviser representative is not liable to another broker-dealer, agent, investment adviser, federal covered investment adviser, or investment adviser representative for defamation relating to a statement that is contained in a record required by the secretary of state, or designee of the secretary of state, the securities and exchange commission, or a self-regulatory organization, unless the person knew, or should have known at the time that the statement was made, that it was false in a material respect or the person acted in reckless disregard of the statement's truth or falsity.
2023 Wyoming Statutes › Title 17 - Corporations, Partnerships and Associations › Chapter 4 - Securities › Article 5 - Fraud and Liabilities › Section 17-4-508 - Criminal Penalties.

17-4-508. Criminal penalties.
(a) A person that willfully violates this act, or a rule adopted or order issued under this act, except W.S. 17-4-504 or the notice filing requirements of W.S. 17-4-302 or 17-4-405, or that willfully violates W.S. 17-4-505 knowing the statement made to be false or misleading in a material respect, upon conviction, shall be fined not more than five thousand dollars ($5,000.00) or imprisoned not more than three (3) years, or both. An individual convicted of violating a rule or order under this act may be fined, but may not be imprisoned, if the individual did not have knowledge of the rule or order.
(b) The attorney general or district attorney with or without a reference from the secretary of state, may institute criminal proceedings under this act.
(c) This act does not limit the power of this state to punish a person for conduct that constitutes a crime under other laws of this state.
2023 Wyoming Statutes › Title 17 - Corporations, Partnerships and Associations › Chapter 4 - Securities › Article 6 - Administration and Judicial Review › Section 17-4-601 - Administration.

17-4-601. Administration.
(a) The secretary of state shall administer this act.
(b) It is unlawful for the secretary of state or an officer, employee, or designee of the secretary of state to use for personal benefit or the benefit of others records or other information obtained by or filed with the secretary of state that are not public under W.S. 17-4-607(b). This act does not authorize the secretary of state or an officer, employee, or designee of the secretary of state to disclose the record or information, except in accordance with W.S. 17-4-602, 17-4-607(c), or 17-4-608.
(c) This act does not create or diminish a privilege or exemption that exists at common law, by statute or rule, or otherwise.
(d) The secretary of state may develop and implement investor education initiatives to inform the public about investing in securities, with particular emphasis on the prevention and detection of securities fraud. In developing and implementing these initiatives, the secretary of state may collaborate with public and nonprofit organizations with an interest in investor education. The secretary of state may accept a grant or donation from a person that is not affiliated with the securities industry or from a nonprofit organization, regardless of whether the organization is affiliated with the securities industry, to develop and implement investor education initiatives. This subsection does not authorize the secretary of state to require participation or monetary contributions of a registrant in an investor education program.
2023 Wyoming Statutes › Title 17 - Corporations, Partnerships and Associations › Chapter 4 - Securities › Article 6 - Administration and Judicial Review › Section 17-4-603 - Civil Enforcement.

17-4-603. Civil enforcement.
(a) If the secretary of state believes that a person has engaged, is engaging, or is about to engage in an act, practice, or course of business constituting a violation of this act or a rule adopted or order issued under this act or that a person has, is, or is about to engage in an act, practice, or course of business that materially aids a violation of this act or a rule adopted or order issued under this act, the secretary of state may maintain an action in the Wyoming district court to enjoin the act, practice, or course of business and to enforce compliance with this act or a rule adopted or order issued under this act.
(b) In an action under this section and on a proper showing, the court may:
(i) Issue a permanent or temporary injunction, restraining order, or declaratory judgment;
(ii) Order other appropriate or ancillary relief, which may include:
(A) An asset freeze, accounting, writ of attachment, writ of general or specific execution, and appointment of a receiver or conservator, that may be the secretary of state, for the defendant or the defendant's assets;
(B) Ordering the secretary of state to take charge and control of a defendant's property, including investment accounts and accounts in a depository institution, rents, and profits; to collect debts; and to acquire and dispose of property;
(C) Imposing a civil penalty up to five thousand dollars ($5,000.00) for a single violation or up to fifty thousand dollars ($50,000.00) for more than one (1) violation; an order of rescission, restitution, or disgorgement directed to a person that has engaged in an act, practice, or course of business constituting a violation of this act or the predecessor act or a rule adopted or order issued under this act or the predecessor act; and
(D) Ordering the payment of prejudgment and post judgment interest.
(iii) Order such other relief as the court considers appropriate.
(c) The secretary of state may not be required to post a bond in an action or proceeding under this act.
2023 Wyoming Statutes › Title 17 - Corporations, Partnerships and Associations › Chapter 4 - Securities › Article 6 - Administration and Judicial Review › Section 17-4-606 - Administrative Files and Opinions.

17-4-606. Administrative files and opinions.
(a) The secretary of state shall maintain, or designate a person to maintain, a register of applications for registration of securities; registration statements; notice filings; applications for registration of broker-dealers, agents, investment advisers, and investment adviser representatives; notice filings by federal covered investment advisers that are or have been effective under this act or the predecessor act; notices of claims of exemption from registration or notice filing requirements contained in a record; orders issued under this act or the predecessor act; and interpretative opinions or no action determinations issued under this act.
(b) The secretary of state shall make all rules, forms, interpretative opinions, and orders available to the public.
(c) The secretary of state shall control the availability and dissemination of records, including the records identified as public records in W.S. 17-4-607, pursuant to the requirements set forth in the Wyoming Public Records Act, W.S. 16-4-201 through 16-4-205.
2023 Wyoming Statutes › Title 17 - Corporations, Partnerships and Associations › Chapter 4 - Securities › Article 6 - Administration and Judicial Review › Section 17-4-607 - Public Records; Confidentiality.

17-4-607. Public records; confidentiality.
(a) Except as otherwise provided in subsection (b) of this section, records obtained by the secretary of state or filed under this act, including a record contained in or filed with a registration statement, application, notice filing, or report, are public records and are available for public examination.
(b) The following records are not public records and are not available for public examination under subsection (a) of this section:
(i) A record obtained by the secretary of state in connection with an audit or inspection under W.S. 17-4-411(d) or an investigation under W.S. 17-4-602;
(ii) A part of a record filed in connection with a registration statement under W.S. 17-4-301 and 17-4-303 through 17-4-305 or a record under W.S. 17-4-411(d) that contains trade secrets or confidential information if the person filing the registration statement or report has asserted a claim of confidentiality or privilege that is authorized by law;
(iii) A record that is not required to be provided to the secretary of state or filed under this act and is provided to the secretary of state only on the condition that the record will not be subject to public examination or disclosure;
(iv) A nonpublic record received from a person specified in W.S. 17-4-608(a); and
(v) Any social security number, residential address unless used as a business address, and residential telephone number unless used as a business telephone number, contained in a record that is filed; and
(vi) A record obtained by the secretary of state through a designee of the secretary of state that a rule or order under this act determines has been:
(A) Expunged from the secretary of state's records by the designee; or
(B) Determined to be nonpublic or nondisclosable by that designee if the secretary of state finds the determination to be in the public interest and for the protection of investors.
(c) If disclosure is for the purpose of a civil, administrative, or criminal investigation, action, or proceeding or to a person specified in W.S. 17-4-608(a), the secretary of state may disclose a record obtained in connection with an audit or inspection under W.S. 17-4-411(d) or a record obtained in connection with an investigation under W.S. 17-4-602.
2023 Wyoming Statutes › Title 17 - Corporations, Partnerships and Associations › Chapter 4 - Securities › Article 6 - Administration and Judicial Review › Section 17-4-608 - Uniformity and Cooperation With Other Agencies.

17-4-608. Uniformity and cooperation with other agencies.
(a) The secretary of state shall, in his discretion, cooperate, coordinate, consult, and, subject to W.S. 17-4-607, share records and information with the securities regulator of another state, Canada, a Canadian province or territory, a foreign jurisdiction, the securities and exchange commission, the United States department of justice, the commodity futures trading commission, the federal trade commission, the securities investor protection corporation, a self-regulatory organization, a national or international organization of securities regulators, a federal or state banking and insurance regulator, and a governmental law enforcement agency to effectuate greater uniformity in securities matters among the federal government, self-regulatory organizations, states, and foreign governments.
(b) In cooperating, coordinating, consulting, and sharing records and information under this section and in acting by rule, order, or waiver under this act, the secretary of state shall, in its discretion, take into consideration in carrying out the public interest the following general policies:
(i) Maximizing effectiveness of regulation for the protection of investors;
(ii) Maximizing uniformity in federal and state regulatory standards; and
(iii) Minimizing burdens on the business of capital formation, without adversely affecting essentials of investor protection.
(c) The cooperation, coordination, consultation, and sharing of records and information authorized by this section includes:
(i) Establishing or employing one (1) or more designees as a central depository for registration and notice filings under this act and for records required or allowed to be maintained under this act;
(ii) Developing and maintaining uniform forms;
(iii) Conducting a joint examination or investigation;
(iv) Holding a joint administrative hearing;
(v) Instituting and prosecuting a joint civil or administrative proceeding;
(vi) Sharing and exchanging personnel;
(vii) Coordinating registrations under W.S. 17-4-301 and 17-4-401 through 17-4-404 and exemptions under W.S. 17-4-204;
(viii) Sharing and exchanging records, subject to W.S. 17-4-607;
(ix) Formulating rules, statements of policy, guidelines, forms, and interpretative opinions and releases;
(x) Formulating common systems and procedures;
(xi) Notifying the public of proposed rules, forms, statements of policy, and guidelines;
(xii) Attending conferences and other meetings among securities regulators, which may include representatives of governmental and private sector organizations involved in capital formation, deemed necessary or appropriate to promote or achieve uniformity; and
(xiii) Developing and maintaining a uniform exemption from registration for small issuers, and taking other steps to reduce the burden of raising investment capital by small businesses.
2023 Wyoming Statutes › Title 17 - Corporations, Partnerships and Associations › Chapter 4 - Securities › Article 6 - Administration and Judicial Review › Section 17-4-611 - Service of Process.

17-4-611. Service of process.
(a) A consent to service of process complying with W.S. 17-4-611 required by this act must be signed and filed in the form required by a rule or order under this act. A consent appointing the secretary of state the person's agent for service of process in a noncriminal action or proceeding against the person, or the person's successor or personal representative under this act or a rule adopted or order issued under this act after the consent is filed, has the same force and validity as if the service were made personally on the person filing the consent. A person that has filed a consent complying with this subsection in connection with a previous application for registration or notice filing need not file an additional consent.
(b) If a person, including a nonresident of this state, engages in an act, practice, or course of business prohibited or made actionable by this act or a rule adopted or order issued under this act and the person has not filed a consent to service of process under subsection (a) of this section, the act, practice, or course of business constitutes the appointment of the secretary of state as the person's agent for service of process in a noncriminal action or proceeding against the person or the person's successor or personal representative.
(c) Service under subsection (a) or (b) of this section may be made by providing a copy of the process to the office of the secretary of state, but it is not effective unless:
(i) The plaintiff, which may be the secretary of state, promptly sends notice of the service and a copy of the process, return receipt requested, to the defendant or respondent at the address set forth in the consent to service of process or, if a consent to service of process has not been filed, at the last known address, or takes other reasonable steps to give notice; and
(ii) The plaintiff files an affidavit of compliance with this subsection in the action or proceeding on or before the return day of the process, if any, or within the time that the court, or the secretary of state in a proceeding before the secretary of state, allows.
(d) Service pursuant to subsection (c) of this section may be used in a proceeding before the secretary of state or by the secretary of state in a civil action in which the secretary of state is the moving party.
(e) If process is served under subsection (c) of this section, the court, or the secretary of state in a proceeding before the secretary of state, shall order continuances as are necessary or appropriate to afford the defendant or respondent reasonable opportunity to defend.
2023 Wyoming Statutes › Title 17 - Corporations, Partnerships and Associations › Chapter 4 - Securities › Article 6 - Administration and Judicial Review › Section 17-4-612 - Severability Clause.

17-4-612. Severability clause.
If any provision of this act or its application to any person or circumstances is held invalid, the invalidity does not affect other provisions or applications of this act that can be given effect without the invalid provision or application, and to this end the provisions of this act are severable.
2023 Wyoming Statutes › Title 17 - Corporations, Partnerships and Associations › Chapter 4 - Securities › Article 6 - Administration and Judicial Review › Section 17-4-613 - Securities Enforcement and Compliance Account; Purposes.

17-4-613. Securities enforcement and compliance account; purposes.
(a) There is created the securities enforcement and compliance account. Funds within the account shall only be expended by legislative appropriation. All funds within the account shall be invested by the state treasurer and all investment earnings from the account shall be credited to the general fund.
(b) The secretary of state shall credit sixty percent (60%) of all fees collected by the secretary of state under this act to the general fund and the balance to the securities enforcement and compliance account. Annually, on July 1, monies within the account in excess of three hundred fifty thousand dollars ($350,000.00) in the securities enforcement and compliance account shall be credited to the general fund.
(c) The secretary of state may expend money within the account created in subsection (a) of this section as appropriated by the legislature to investigate, prosecute and otherwise ensure compliance with this act and to promote investor awareness which may include investment and antifraud publications and seminars.
(d) The secretary of state shall develop separately identifiable biennial expenditure requests using a base budget, standard budget and exception budget as provided in W.S. 9-2-1002 through 9-2-1014 for the purposes specified in this section and from the account created in subsection (a) of this section.
2023 Wyoming Statutes › Title 17 - Corporations, Partnerships and Associations › Chapter 4 - Securities › Article 7 - Transition › Section 17-4-701 - Application of Act to Existing Proceeding and Existing Rights and Duties.

17-4-701. Application of act to existing proceeding and existing rights and duties.
(a) The predecessor act exclusively governs all actions or proceedings that are pending on the effective date of this act or may be instituted on the basis of conduct occurring before the effective date of this act, but a civil action may not be maintained to enforce any liability under the predecessor act unless instituted within any period of limitation that applied when the cause of action accrued or within five (5) years after the effective date of this act, whichever is earlier.
(b) All effective registrations under the predecessor act, all administrative orders relating to the registrations, rules, statements of policy, interpretative opinions, declaratory rulings, no action determinations, and conditions imposed on the registrations under the predecessor act remain in effect while they would have remained in effect if this act had not been enacted. They are considered to have been filed, issued, or imposed under this act, but are exclusively governed by the predecessor act.
(c) The predecessor act exclusively applies to an offer or sale made within one (1) year after the effective date of this act pursuant to an offering made in good faith before the effective date of this act on the basis of an exemption available under the predecessor act.
2023 Wyoming Statutes › Title 17 - Corporations, Partnerships and Associations › Chapter 7 - Charitable, Educational, Religious and Other Societies › Article 3 - Uniform Prudent Management of Institutional Funds Act › Section 17-7-301 - Short Title.

17-7-301. Short title.
This act shall be known and may be cited as the Uniform Prudent Management of Institutional Funds Act.
2023 Wyoming Statutes › Title 17 - Corporations, Partnerships and Associations › Chapter 7 - Charitable, Educational, Religious and Other Societies › Article 3 - Uniform Prudent Management of Institutional Funds Act › Section 17-7-302 - Definitions.

17-7-302. Definitions.
(a) As used in this act:
(i) "Charitable purpose" means the relief of poverty, the advancement of education or religion, the promotion of health, the promotion of a governmental purpose or any other purpose the achievement of which is beneficial to the community;
(ii) "Endowment fund" means an institutional fund or part thereof that, under the terms of a gift instrument, is not wholly expendable by the institution on a current basis. The term does not include assets that an institution designates as an endowment fund for its own use;
(iii) "Gift instrument" means a record or records, including an institutional solicitation, under which property is granted to, transferred to or held by an institution as an institutional fund;
(iv) "Institution" means:
(A) A person, other than an individual, organized and operated exclusively for charitable purposes;
(B) A government or governmental subdivision, agency or instrumentality to the extent that it holds funds exclusively for a charitable purpose; or
(C) A trust that had both charitable and noncharitable interests, after all noncharitable interests have been terminated.
(v) "Institutional fund" means a fund held by an institution exclusively for charitable purposes. The term does not include:
(A) Program-related assets;
(B) A fund held for an institution by a trustee that is not an institution; or
(C) A fund in which a beneficiary that is not an institution has an interest, other than an interest that could arise upon violation or failure of the purposes of the fund.
(vi) "Person" means as defined by W.S. 8-1-102;
(vii) "Program-related asset" means an asset held by an institution primarily to accomplish a charitable purpose of the institution and not primarily for investment;
(viii) "Record" means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form;
(ix) "This act" means W.S. 17-7-301 through 17-7-307.
2023 Wyoming Statutes › Title 17 - Corporations, Partnerships and Associations › Chapter 7 - Charitable, Educational, Religious and Other Societies › Article 3 - Uniform Prudent Management of Institutional Funds Act › Section 17-7-304 - Appropriation for Expenditure or Accumulation of Endowment Fund; Rules of Construction.

17-7-304. Appropriation for expenditure or accumulation of endowment fund; rules of construction.
(a) Subject to subsection (d) of this section and to the intent of a donor expressed in the gift instrument, an institution may appropriate for expenditure or accumulate so much of an endowment fund as the institution determines is prudent for the uses, benefits, purposes and duration for which the endowment fund is established. Unless stated otherwise in the gift instrument, the assets in an endowment fund are donor-restricted assets until appropriated for expenditure by the institution. In making a determination to appropriate or accumulate, the institution shall act in good faith, with the care that an ordinarily prudent person in a like position would exercise under similar circumstances, and shall consider, if relevant, the following factors:
(i) The duration and preservation of the endowment fund;
(ii) The purposes of the institution and the endowment fund;
(iii) General economic conditions;
(iv) The possible effect of inflation or deflation;
(v) The expected total return from income and the appreciation of investments;
(vi) Other resources of the institution; and
(vii) The investment policy of the institution.
(b) To limit the authority to appropriate for expenditure or accumulate under subsection (a) of this section, a gift instrument shall specifically state the limitation.
(c) Terms in a gift instrument designating a gift as an endowment, or a direction or authorization in the gift instrument to use only "income", "interest", "dividends", or "rents, issues or profits", or "to preserve the principal intact" or words of similar import:
(i) Create an endowment fund of permanent duration unless other language in the gift instrument limits the duration or purpose of the fund; and
(ii) Do not otherwise limit the authority to appropriate for expenditure or accumulate under subsection (a) of this section.
(d) The appropriation for expenditure in any year of an amount greater than seven percent (7%) of the fair market value of an endowment fund, calculated on the basis of market values determined at least quarterly and averaged over a period of not less than three (3) years immediately preceding the year in which the appropriation for expenditure is made, creates a rebuttable presumption of imprudence. For an endowment fund in existence for fewer than three (3) years, the fair market value of the endowment fund shall be calculated for the period the endowment fund has been in existence. This subsection shall not:
(i) Apply to an appropriation for expenditure permitted under law other than this act or by the gift instrument; or
(ii) Create a presumption of prudence for an appropriation for expenditure of an amount less than or equal to seven percent (7%) of the fair market value of the endowment fund.
2023 Wyoming Statutes › Title 17 - Corporations, Partnerships and Associations › Chapter 7 - Charitable, Educational, Religious and Other Societies › Article 3 - Uniform Prudent Management of Institutional Funds Act › Section 17-7-305 - Delegation of Management and Investment Functions.

17-7-305. Delegation of management and investment functions.
(a) Subject to any specific limitation set forth in a gift instrument or in law other than this act, an institution may delegate to an external agent the management and investment of an institutional fund to the extent that an institution could prudently delegate under the circumstances. An institution shall act in good faith, with the care that an ordinarily prudent person in a like position would exercise under similar circumstances, in:
(i) Selecting an agent;
(ii) Establishing the scope and terms of the delegation, consistent with the purposes of the institution and the institutional fund; and
(iii) Periodically reviewing the agent's actions in order to monitor the agent's performance and compliance with the scope and terms of the delegation.
(b) In performing a delegated function, an agent owes a duty to the institution to exercise reasonable care to comply with the scope and terms of the delegation.
(c) An institution that complies with subsection (a) of this section is not liable for the decisions or actions of an agent to which the function was delegated.
(d) By accepting delegation of a management or investment function from an institution that is subject to the laws of this state, an agent submits to the jurisdiction of the courts of this state in all proceedings arising from or related to the delegation or the performance of the delegated function.
(e) An institution may delegate management and investment functions to its committees, officers or employees as authorized by law of this state other than this act.
2023 Wyoming Statutes › Title 17 - Corporations, Partnerships and Associations › Chapter 7 - Charitable, Educational, Religious and Other Societies › Article 3 - Uniform Prudent Management of Institutional Funds Act › Section 17-7-306 - Release or Modification of Restrictions on Management, Investment or Purpose.

17-7-306. Release or modification of restrictions on management, investment or purpose.
(a) If the donor consents in a record, an institution may release or modify, in whole or in part, a restriction contained in a gift instrument on the management, investment or purpose of an institutional fund. A release or modification may not allow a fund to be used for a purpose other than a charitable purpose of the institution.
(b) The court upon application of an institution, may modify a restriction contained in a gift instrument regarding the management or investment of an institutional fund if the restriction has become impracticable or wasteful, if it impairs the management or investment of the fund, or if, because of circumstances not anticipated by the donor, a modification of a restriction will further the purposes of the fund. If the institution is a governmental institution as defined by W.S. 17-7-302(a)(iv), the institution shall notify the attorney general of the application, and the attorney general shall be given an opportunity to be heard. To the extent practicable, any modification shall be made in accordance with the donor's probable intention.
(c) If a particular charitable purpose or a restriction contained in a gift instrument on the use of an institutional fund becomes unlawful, impracticable, impossible to achieve or wasteful, the court, upon application of an institution, may modify the purpose of the fund or the restriction on the use of the fund in a manner consistent with the charitable purposes expressed in the gift instrument. If the institution is a governmental institution as defined by W.S. 17-7-302(a)(iv), the institution shall notify the attorney general of the application, and the attorney general shall be given an opportunity to be heard.
(d) If an institution determines that a restriction contained in a gift instrument on the management, investment or purposes of an institutional fund is unlawful, impracticable, impossible to achieve or wasteful, the institution, not less than sixty (60) days after notification to the attorney general, may release or modify the restriction, in whole or part, if:
(i) The institutional fund subject to the restriction has a total value of less than twenty-five thousand dollars ($25,000.00);
(ii) More than twenty (20) years have elapsed since the fund was established; and
(iii) The institution uses the property in a manner consistent with the charitable purposes expressed in the gift instrument.
2023 Wyoming Statutes › Title 17 - Corporations, Partnerships and Associations › Chapter 7 - Charitable, Educational, Religious and Other Societies › Article 3 - Uniform Prudent Management of Institutional Funds Act › Section 17-7-307 - Reviewing Compliance.

17-7-307. Reviewing compliance.
Compliance with this act shall be determined in light of the facts and circumstances existing at the time a decision is made or action is taken.
2023 Wyoming Statutes › Title 17 - Corporations, Partnerships and Associations › Chapter 8 - Churches and Religious Societies Generally › Section 17-8-101 - Incorporation by Churches, Parishes and Societies Having Governing Body; Purposes Generally.

17-8-101. Incorporation by churches, parishes and societies having governing body; purposes generally.
Churches, parishes, and societies of all religious bodies, sects, or denominations in this state, or a board of trustees of such churches, parishes, and societies of all religious bodies, having an episcopate, presbytery, synod, conference or other governing body, with spiritual jurisdiction extending over the whole state, or part thereof not less than six (6) counties, may become incorporated for religious, missionary, educational or charitable purposes in the manner hereinafter provided; or said incorporation may be limited to the purposes of acquiring and holding the legal title to property, real and personal, required for the use of such churches, parishes, or societies, or any of them, or of such general governing body, and for the purpose of conveying the same, and contracting with reference thereto.
2023 Wyoming Statutes › Title 17 - Corporations, Partnerships and Associations › Chapter 8 - Churches and Religious Societies Generally › Section 17-8-102 - Organization Meeting; Officers.

17-8-102. Organization meeting; officers.
The chief or presiding or executive officer of the religious bodies, sects or denominations mentioned in the preceding section may, at such place in this state as he may appoint for the purpose, convene a meeting of himself and some other officer or officers, subordinate to himself, but having general jurisdiction throughout the state, or part of the state aforesaid, and one (1) or more priests, ministers or clergymen of the proposed church, parish or society, and at least two (2) laymen resident within the limits thereof, of which meeting the said chief or presiding or executive officer shall be president and one (1) of the other persons present shall be secretary.
2023 Wyoming Statutes › Title 17 - Corporations, Partnerships and Associations › Chapter 8 - Churches and Religious Societies Generally › Section 17-8-103 - Contents, Execution and Filing of Articles of Incorporation; Competency to Transact Business in Corporate Name.

17-8-103. Contents, execution and filing of articles of incorporation; competency to transact business in corporate name.
(a) The said five (5) or more persons, being so convened and organized as a meeting, shall adopt articles of incorporation which shall fix:
(i) The name of the church, parish or society so incorporated, or the name of the church, parish or society in whose behalf or interest the corporation is formed;
(ii) The object and purpose of the incorporation;
(iii) The amount of debts which it shall be competent to contract, beyond which amount the corporation shall have no power to contract debts binding at law or equity upon it, its members or its property;
(iv) The manner in which it may contract and become bound for debts and may convey, encumber or change its property;
(v) The manner in which the succession of the members of said corporation shall be regulated and vacancies in their number filled;
(vi) The time of the commencement and the termination of the corporation;
(vii) By what officers its affairs shall be conducted.
(b) Which articles, being subscribed and acknowledged by the persons present at said meeting and filed in the office of the secretary of state, and recorded in the office of the county clerk of the county where such church, parish or society shall be located, whereupon such corporation shall be competent to transact all business in any by its corporate name.
2023 Wyoming Statutes › Title 17 - Corporations, Partnerships and Associations › Chapter 8 - Churches and Religious Societies Generally › Section 17-8-104 - Authority to Make Bylaws.

17-8-104. Authority to make bylaws.
Every incorporation under this act shall be authorized to make such bylaws as may be necessary to carry into effect fully all the purposes of such incorporation; provided, the same be not in conflict with the constitution of the United States, the laws of congress or of this state.
2023 Wyoming Statutes › Title 17 - Corporations, Partnerships and Associations › Chapter 8 - Churches and Religious Societies Generally › Section 17-8-106 - Incorporation by Body of Christians for Purposes of Education, Benevolence, Charity and Missions.

17-8-106. Incorporation by body of Christians for purposes of education, benevolence, charity and missions.
If any body of Christians has or shall have, according to its order or mode of government, an organization, whether known as synod, presbytery, conference, episcopate or other name, with ecclesiastical or spiritual jurisdiction over its members throughout this state, and its authorities shall desire to engage in work of education, benevolence, charity and missions, which works shall be of like extensive operation and benefit, and not of limited or local service, and they shall deem an incorporation convenient for the more successful operation of said works, all, or any of them, its said authorities, with such persons as they may associate with them, may cause such incorporation to be formed in the manner and with the powers hereinbefore provided for the incorporation of a church, congregation or society.
2023 Wyoming Statutes › Title 17 - Corporations, Partnerships and Associations › Chapter 8 - Churches and Religious Societies Generally › Section 17-8-107 - Applicability of General Corporation Laws.

17-8-107. Applicability of general corporation laws.
Corporations organized under the provisions of this act shall be subject to the laws of this state in respect to corporations which are applicable to them, save as herein expressly provided.
2023 Wyoming Statutes › Title 17 - Corporations, Partnerships and Associations › Chapter 8 - Churches and Religious Societies Generally › Section 17-8-108 - Incorporation for Establishing Benevolent Institutions and for Holding Real and Personal Property.

17-8-108. Incorporation for establishing benevolent institutions and for holding real and personal property.
If any presbytery, synod, conference, episcopate or other ecclesiastical body or association of Christians having jurisdiction over its members throughout the state, or a part thereof, extending over at least four (4) counties, and its authorities shall desire to establish missions, churches and other benevolent institutions and in this behalf to acquire property real and personal to aid in extending its spiritual jurisdiction and charities, and shall deem an incorporation necessary or convenient for the more effective accomplishment of its general objects, its authorities may cause such incorporation to be formed in the manner and with all the powers now provided by law for the incorporation of churches, congregations or societies and such other powers as are incident and necessary to the successful performance of any or all its objects.
2023 Wyoming Statutes › Title 17 - Corporations, Partnerships and Associations › Chapter 8 - Churches and Religious Societies Generally › Section 17-8-109 - Corporations; Purposes for Which Such Corporations May Be Formed.

17-8-109. Corporations; purposes for which such corporations may be formed.
Corporations may be formed for acquiring, holding or disposing of church or religious society property, for the benefit of religion, for works of charity and for public worship in the manner hereinafter provided.
2023 Wyoming Statutes › Title 17 - Corporations, Partnerships and Associations › Chapter 8 - Churches and Religious Societies Generally › Section 17-8-110 - Corporations; Execution, Acknowledgment and Filing of Articles of Incorporation.

17-8-110. Corporations; execution, acknowledgment and filing of articles of incorporation.
Any person being the archbishop, bishop, president, trustee in trust, president of stake, president of congregation, overseer, presiding elder, or clergyman, of any church or religious society, who shall have been duly chosen, elected or appointed, in conformity with the constitution, canons, rites, regulations, or discipline of said church or religious society, and in whom shall be vested the legal title to the property of such church or religious society, may make and subscribe written articles of incorporation in duplicate, acknowledge the same before some officer authorized to take acknowledgment, and file one (1) of such articles in the office of the secretary of state, and retain possession of the other.
2023 Wyoming Statutes › Title 17 - Corporations, Partnerships and Associations › Chapter 8 - Churches and Religious Societies Generally › Section 17-8-111 - Corporations; Contents of Articles of Incorporation; Amendment of Articles.

17-8-111. Corporations; contents of articles of incorporation; amendment of articles.
(a) The articles of incorporation shall specify:
(i) The name of the corporation, by which it shall be known;
(ii) The object of said corporation;
(iii) The estimated value of the property at the time of making the articles of incorporation;
(iv) The title of the person making such articles. Any corporation so formed shall have power from time to time to alter or amend its articles of incorporation; such amendment shall be made by the corporation sole, and executed by the same person who executed the original articles of incorporation, or by his successor in office, and shall be filed and recorded in the same office and in the same manner as is provided for filing the original articles.