Section 8-1.3. Certain charitable trusts regulated

(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.