§ 30-2-12-15 — Delegation of management or investment of institutional fund; duties of agent

Indiana § 30-2-12-15

• Jurisdiction: Indiana
• Art. 2: GENERAL PROVISIONS
• Ch. 12: Uniform Management of Institutional Funds Act

Text

(a) Subject to the terms of a gift instrument
and except as provided in any other law, an institution may delegate to
an agent the management or investment of an institutional fund. The
institution shall act in good faith and with the care a prudent person
acting in a like position would use under similar circumstances in
doing the following:
(1) Selecting an agent.
(2) Establishing the scope and terms of the delegation, subject to
the purposes of the institution and the institutional fund.
(3) Periodically reviewing the agent's actions to monitor the
agent's performance of and compliance with the scope and terms
of the delegation.
An institution that complies with this subsection is not liable for the
decisions or actions of an agent to whom the management or
investment of an institutional fund is delegated.
(b) An agent shall exercise reasonable care to perform a delegated
function in compliance with the scope and terms of the delegation.
(c) An agent that accepts the delegation of a management or
investment function from an institution submits to the jurisdiction of
Indiana courts in all proceedings concerning the delegation or the
performance of a delegated function.
(d) An institution may delegate management or investment
functions to its committees, officers, or employees as otherwise
provided by law.

Legislative History

As added by P.L.226-2007, SEC.18.