(a) Subject to any specific limitation set forth in a gift instrument or in law other than sections 309.73 to 309.77, an institution may delegate to an external agent the management and investment of an institutional fund to the extent that institution could prudently delegate under the circumstances. An institution shall act in good faith, with the care that an ordinarily prudent person in a like position would exercise under similar circumstances, in:
(1) selecting an agent;
(2) establishing the scope and terms of the delegation, consistent with the purposes of the institution and the institutional fund; and
(3) periodically reviewing the agent's actions in order to monitor the agent's performance and compliance with the scope and terms of the delegation.
(b) In performing a delegated function, an agent owes a duty to the institution to exercise reasonable care to comply with the scope and terms of the delegation.
(c) An institution that complies with subsection (a) is not liable for the decisions or actions of an agent to which the function was delegated.
(d) By accepting delegation of a management or investment function from an institution that is subject to the laws of this state, an agent submits to the jurisdiction of the courts of this state in all proceedings arising from or related to the delegation or the performance of the delegated function.
(e) An institution may delegate management and investment functions to its committees, officers, or employees as authorized by law of this state other than sections 309.73 to 309.77.
2008 c 188 s 5
Structure Minnesota Statutes
Chapters 300 - 323A — Business, Social, And Charitable Organizations
Chapter 309 — Social And Charitable Organizations
Section 309.50 — Solicitation Of Charitable Funds; Definitions.
Section 309.52 — Statement Requirement.
Section 309.53 — Annual Report.
Section 309.531 — Registration Of Professional Fundraisers.
Section 309.533 — Investigations.
Section 309.55 — Prohibited Practices.
Section 309.556 — Public Disclosure Requirements.
Section 309.56 — Service Of Process.
Section 309.57 — District Court Jurisdiction, Penalties, Enforcement.
Section 309.581 — Violations; Penalties.
Section 309.582 — Consultants.
Section 309.59 — Construction; Powers Of Attorney General.
Section 309.591 — Rulemaking Power.
Section 309.60 — Reciprocal Agreements, Other States.
Section 309.61 — Severability.
Section 309.72 — Acquisition Of Interests In Insurance.
Section 309.735 — Definitions.
Section 309.74 — Standard Of Conduct In Managing And Investing Institutional Fund.
Section 309.75 — Delegation Of Management And Investment Functions.
Section 309.755 — Release Or Modification Of Restrictions On Management, Investment, Or Purpose.
Section 309.76 — Reviewing Compliance.
Section 309.765 — Application To Existing Institutional Funds.
Section 309.77 — Relation To Electronic Signatures In Global And National Commerce Act.