I wonder if board members would see something in this that might spur a reaction that this somehow limits them from exerting their "fiduciary responsibility."
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I wonder if board members would see something in this that might spur a reaction that this somehow limits them from exerting their "fiduciary responsibility."
How so? Do you mean that they would see something like this as an imposition to them acting in the best financial interests of their organization?
Yes. A board might interpret an agreement to not liquidate assets as irresponsible management on their part.
That's a fair point, but given they would be the ones writing it, I think they could work around it. An organization could write up something like this and still provide themselves with avenues for selling collections upon their impending closure; they could write it up without necessarily impeding their fiduciary responsibilities. It would ultimately be up to them in how they write this up, because I'm sure however they write a will like this would vary to varying degrees from the example I provided above.