Maine § 13 §5103 Standard of conduct in managing and investing institutional fund

Maine Statutes

§ 13 §5103 — Standard of conduct in managing and investing institutional fund

Maine·Title 13 CORPORATIONS·Part 2 CORPORATIONS WITHOUT CAPITAL·Ch. 99 UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT

1.Consideration of purposes. Subject to the intent of a donor expressed in a gift instrument, an institution, in managing and investing an institutional fund, shall consider the charitable purposes of the institution and the purposes of the institutional fund.

2.Loyalty; good faith; care. In addition to complying with the duty of loyalty imposed by law other than this chapter, each person responsible for managing and investing an institutional fund shall manage and invest the fund in good faith and with the care an ordinarily prudent person in a like position would exercise under similar circumstances.

3.Costs; facts. In managing and investing an institutional fund, an institution:

4.Pooling funds. An institution may pool 2 or more institutional funds for purposes of management and inv

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1.
Consideration of purposes.
Subject to the intent of a donor expressed in a gift instrument, an institution, in managing and investing an institutional fund, shall consider the charitable purposes of the institution and the purposes of the institutional fund.
2.
Loyalty; good faith; care.
In addition to complying with the duty of loyalty imposed by law other than this chapter, each person responsible for managing and investing an institutional fund shall manage and invest the fund in good faith and with the care an ordinarily prudent person in a like position would exercise under similar circumstances.
3.
Costs; facts.
In managing and investing an institutional fund, an institution:
4.
Pooling funds.
An institution may pool 2 or more institutional funds for purposes of management and investment.
5.
Rules.
Except as otherwise provided by a gift instrument, the following rules apply.

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