Legal Research Home > New Jersey Lawyer > Corporations and Associations Not For Profit > New Jersey Corporations And Associations Not For Profit Laws Section 15:18-19. Delegation of authority; contracts; compensation for advisory or management services.

Except as otherwise provided by the applicable gift instrument or by applicable law relating to governmental institutions or funds, the governing board may a. delegate to its committees, officers or employees of the institution or the fund, or agents, including investment counsel, the authority to act in place of the board in investment and reinvestment of institutional funds, b. contract with independent investment advisors, investment counsel or managers, banks, or trust companies, so to act, and c. authorize the payment of compensation for investment advisory or management services.

L.1975, c. 26, s. 5, eff. March 5, 1975.

Last modified: October 21, 2006