(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.
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