Colorado § 15-1-1105 Delegation of management and investment functions

Colorado Statutes

§ 15-1-1105 — Delegation of management and investment functions

Colorado·Title 15 Probate,·Art. Fiduciary

(a)Subject to any specific limitation set forth in a gift instrument or in law other than this part 11, an institution may delegate to an external agent the management and investment of an institutional fund to the extent that an institution could prudently delegate under the circumstances. An institution shall act in good faith, with the care that an ordinarily prudent person in a like position would exercise under similar circumstances, in:

(1)Selecting an agent;

(2)Establishing the scope and terms of the delegation, consistent with the purposes of the institution and the institutional fund; and

(3)Periodically reviewing the agent's actions in order to monitor the agent's performance and compliance with the scope and terms of the delegation.

(b)In performing a delegated

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(a)
Subject to any specific limitation set forth in a gift instrument or in law other than
this part 11, an institution may delegate to an external agent the management and
investment of an institutional fund to the extent that an institution could prudently
delegate under the circumstances. An institution shall act in good faith, with the
care that an ordinarily prudent person in a like position would exercise under similar
circumstances, in:

(1) Selecting an agent;

(2) Establishing the scope and terms of the delegation, consistent with the
purposes of the institution and the institutional fund; and

(3) Periodically reviewing the agent's actions in order to monitor the agent's
performance and compliance with the scope and terms of the delegation.

(b) In performing a delegated function, an agent owes a duty to the
institution to exercise reasonable care to comply with the scope and terms of the
delegation.

(c) An institution that complies with subsection (a) of this section is not liable
for the decisions or actions of an agent to which the function was delegated.

(d) By accepting delegation of a management or investment function from an
institution that is subject to the laws of this state, an agent submits to the
jurisdiction of the courts of this state in all proceedings arising from or related to
the delegation or the performance of the delegated function.

(e) An institution may delegate management and investment functions to its
committees, officers, or employees as authorized by law of this state other than this
part 11.

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