No member of an investment committee shall in any way be personally liable for any liability, loss, or expense suffered by the endowment trust fund supervised and administered by the committee unless such liability, loss, or expense arises out of or results from the wilful misconduct or wrongdoing of such member.
Structure Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 2 - Provisions Applicable to Municipal Corporations Only.
Chapter 54 - Promotion of Industry, Trade, Commerce and Pollution Control.
Article 4 - Industrial Development Boards.
Division 3 - Endowment Trust Funds.
Section 11-54-125 - Definitions.
Section 11-54-126 - Legislative Findings and Intent.
Section 11-54-127 - Additional Powers of Boards.
Section 11-54-128 - Authorizing Resolution.
Section 11-54-129 - Use of Assets.
Section 11-54-130 - Investment Committee.
Section 11-54-131 - Investment of Moneys; Duties of Fund Manager.
Section 11-54-132 - Trust Agreement.
Section 11-54-133 - Termination or Dissolution of Fund.