Powers of governing board: Delegation of authority to invest institutional funds; employment of certain persons to provide advisory or managerial services. Except as otherwise provided by the applicable donative instrument or by applicable law relating to governmental institutions or funds, a governing board may:
1. 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;
2. Contract with independent investment advisers, investment counsel or managers, banks, or trust companies, so to act; and
3. Authorize the payment of compensation for advisory or managerial services.
Last modified: February 25, 2006