§ 59-16.2-03 — Designation and powers of investment trust advisor

North Dakota § 59-16.2-03

• Jurisdiction: North Dakota
• Title 59: Trusts, Uses, and Powers
• Ch. 59-16.2: Directed Trustees

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1. An investment trust advisor may be designated in the governing instrument of a trust.
The powers of an investment trust advisor may be exercised or not exercised in the
sole and absolute discretion of the investment trust advisor, and are binding on all
other persons, including each beneficiary, each fiduciary, each excluded fiduciary, and
any other party having an interest in the trust.
2. The governing instrument may use the title "investment trust advisor" or a similar
name or description demonstrating the intent to provide for the office and function of
an investment trust advisor.

3. Unless the terms of the governing instrument provide otherwise, the investment trust
advisor has the authority to:
a. Direct the trustee with respect to the retention, purchase, transfer, assignment,
sale, or encumbrance of trust property and the investment and reinvestment of
principal and income of the trust;
b. Direct the trustee with respect to all management, control, and voting powers
related directly or indirectly to trust assets, including voting proxies for securities
held in trust;
c. Select and determine reasonable compensation of one or more advisors,
managers, consultants, or counselors, including the trustee, and to delegate to
them any of the powers of the investment trust advisor in accordance with section
59-16-07; and
d. Determine the frequency and methodology for valuing an asset for which there is
no readily available market value.