17-30-201. Nature, purpose and duration of statutory foundations.

(a) A statutory foundation shall be an entity distinct from its founders, contributors, beneficiaries and any other persons.

(b) Unless stated otherwise in the articles of formation, a statutory foundation has perpetual duration.

(c) Except for those purposes provided in subsection (e) of this section, a statutory foundation may be created for any lawful purpose, which may be included in the articles of formation of the foundation, regardless of whether the foundation is for profit or for charitable purposes, as defined in W.S. 17-30-102(a)(v), provided that a statutory foundation shall:

(i) Confer a benefit on at least one (1) person; and

(ii) Be authorized to hold tangible and intangible property and accumulate income generated by that property for the purposes of this act.

(d) In addition to those purposes provided in subsection (c) of this section, a statutory foundation may be organized for the purpose of holding or investing in other entities or assets, including those entities or assets that are the property of the statutory foundation.

(e) A statutory foundation may not be created to act as a financial institution or an insurer, as defined in W.S. 26-1-102(a)(xvi).

(f) The purposes for which a statutory foundation may be created under this act shall not be amended or restated unless the articles of formation expressly provide that the purpose of the statutory foundation "may be amended", "may be restated" or include words of similar import or an amendment or restatement is required pursuant to a court order.