§ 24.44.030. Investment authority
In addition to an investment otherwise authorized by law or by the applicable gift instrument, and without restriction to investments a fiduciary is authorized to make, the governing board (subject to any specific limitations set forth in the applicable gift instrument or in applicable law other than law relating to investments a fiduciary is authorized to make) may:
(1) Invest and reinvest an institutional fund in any real or personal property deemed advisable by the governing board, whether or not it produces a current return, including mortgages, stocks and bonds, debentures, and other securities of profit or nonprofit corporations, shares in or obligations of associations, partnerships, or individuals, and obligations of any government or subdivision or instrumentality thereof;
(2) Retain property contributed by a donor to an institutional fund for as long as the governing board deems advisable;
(3) Include all or any part of an institutional fund in any pooled or common fund maintained by the institution; and
(4) Invest all or any part of an institutional fund in any other 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.
[1973 c 17 § 3.]
Sections: Previous 24.44.010 24.44.020 24.44.030 24.44.040 24.44.050 24.44.060 24.44.070 24.44.080 24.44.090 24.44.900 NextLast modified: April 7, 2009