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 § 13 §5103

Title 13CORPORATIONS

Part 2CORPORATIONS WITHOUT CAPITAL

Ch. 99UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT

This text of Maine § 13 §5103 (Standard of conduct in managing and investing institutional fund) is published on Counsel Stack Legal Research, covering Maine primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Me. Rev. Stat. tit. 13, § 13 §5103 (2026).

Text

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.