§ 17-7-305 — Delegation of management and investment functions

Wyoming § 17-7-305

• Jurisdiction: Wyoming
• Title 17: Corporations, Partnerships and Associations
• Ch. 7: CHARITABLE, EDUCATIONAL, RELIGIOUS AND OTHER
• Art. 3: UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS

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(a) Subject to any specific limitation set forth in a gift
instrument or in law other than this act, an institution may
delegate to an external agent the management and investment of
an institutional fund to the extent that an institution could
prudently delegate under the circumstances. An institution
shall act in good faith, with the care that an ordinarily
prudent person in a like position would exercise under similar
circumstances, in:
(i) Selecting an agent;
(ii) Establishing the scope and terms of the
delegation, consistent with the purposes of the institution and
the institutional fund; and
(iii) Periodically reviewing the agent's actions in
order to monitor the agent's performance and compliance with the
scope and terms of the delegation.
(b) In performing a delegated function, an agent owes a
duty to the institution to exercise reasonable care to comply
with the scope and terms of the delegation.
(c) An institution that complies with subsection (a) of
this section is not liable for the decisions or actions of an
agent to which the function was delegated.
(d) By accepting delegation of a management or investment
function from an institution that is subject to the laws of this
state, an agent submits to the jurisdiction of the courts of
this state in all proceedings arising from or related to the
delegation or the performance of the delegated function.
(e) An institution may delegate management and investment
functions to its committees, officers or employees as authorized
by law of this state other than this act.