Investment and management of institutional fund assets
Sec. 10. In addition to an investment otherwise authorized by law
or by the applicable gift instrument, and without restriction to
investments a fiduciary may make, the governing board, subject to
specific limitations set forth in the applicable gift instrument or in the
applicable law (other than law relating to investments by a fiduciary),
may do any of the following:
(1) Invest and reinvest an institutional fund in any real or
personal property considered advisable by the governing board,
whether or not the property produces a current return, including
mortgages, stocks, bonds, debentures, and other securities of for
profit or not-for-profit corporations, shares in or obligations of
associations, limited liability companies, partnerships, or
individuals, and obligations of any governmental entity,
subdivision of that entity, or instrumentality of that entity.
(2) Retain property contributed by a donor to an institutional
fund as long as the governing board considers it advisable.
(3) Include all or part of an institutional fund in a pooled or
common fund maintained by the institution.
(4) Invest all or part of an institutional fund in another pooled
or common fund available for investment, including shares or
interests in regulated investment companies, mutual funds,
common trust funds, investment partnerships, real estate
investment trusts, or similar organizations in which funds are
commingled and investment determinations are made by
persons other than the governing board.
As added by P.L.268-1989, SEC.1. Amended by P.L.8-1993,
SEC.467.
Last modified: May 27, 2006