South Carolina Statutes
§ 59-153-40 — Standards for discharge of duties by trustee or other fiduciary.
A trustee or other fiduciary shall discharge duties with respect to an endowment fund:
(1)solely in the interest of the endowment fund and beneficiaries;
(2)for the exclusive purpose of providing benefits to his beneficiary and paying reasonable expenses of administering the system;
(3)with the care, skill, and caution under the circumstances then prevailing which a prudent person acting in a like capacity and familiar with those matters would use in the conduct of an activity of like character and purpose;
(4)impartially, taking into account any differing interests of beneficiaries;
(5)incurring only those costs that are appropriate and reasonable; and (6) in accordance with a good faith interpretation of this chapter.
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South Carolina § 59-153-40 (Standards for discharge of duties by trustee or other fiduciary.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1999 Act No. 122, SECTION 2.
Nearby Sections
13
§ 59-153-10
Definitions.§ 59-153-30
Delegation of functions by trustee.§ 59-153-310
State Retirement Systems Investment Panel.§ 59-153-320
Proposal for annual investment plan.§ 59-153-330
Statement of policy and objectives.§ 59-153-60
Compliance by trustee or fiduciary.§ 59-153-70
Breach of duty; liability; insurance.§ 59-153-90
Investment reports.