§ 18-9-15. Institutions and contingent trusts exempt.
The provisions of this chapter shall not be applicable to charitable, religious, and educational institutions holding funds in trust exclusively for their own charter or corporate purposes nor to trusts in which the charitable interest is contingent upon the happening of an uncertain future event; provided, that upon the happening of the event vesting the charitable interest, the trust shall thereafter be subject to all the provisions of this chapter.
(P.L. 1950, ch. 2617, § 15; G.L. 1956, § 18-9-15.)