The bill enacts Chapter 2-B of Code Title II of Code Book III of Title 9 of the Louisiana Revised Statutes, establishing regulations for special charitable trusts. It defines a special charitable trust as one created with a minimum donation of fifty million dollars aimed at improving the health and lives of Louisiana residents. The chapter outlines the duties and liabilities of trustees, including their fiduciary responsibilities, limitations on business dealings with the trust, and the ability to delegate duties. It also specifies that trustees and officers are entitled to reasonable compensation and indemnification for their actions, provided they act in good faith and within the scope of their duties.

Additionally, the bill includes provisions for the limitation of liability for trustees and officers of special charitable trusts, ensuring they are not held personally liable for actions taken in good faith while performing their official duties. It mandates compliance with federal regulations regarding political activities and outlines the process for indemnification and insurance for trustees and officers. The bill also clarifies that the provisions of the Louisiana Trust Code will apply unless otherwise specified, and it requires court approval for any amendments to the trust that would affect fiduciary obligations. The act will take effect upon the governor's signature or after the designated period for bills to become law without signature.