(A) The trustee may delegate functions including, but not limited to, day-to-day investment decisions that a prudent trustee acting in a like capacity and familiar with those matters could delegate properly under the circumstances.
(B) The trustee shall exercise reasonable care, skill, and caution in periodically reviewing the agent's performance and compliance with the terms of the delegation.
(C) In performing a delegated function, an agent owes a duty to the endowment and to its beneficiaries to comply with the terms of the delegation and, if a fiduciary, to comply with the duties imposed by Section 59-153-40.
(D) A trustee who complies with subsections (A) and (B) is not liable to the endowment or to its beneficiary for the decisions or actions of the agent to whom the function was delegated.
(E) By accepting the delegation of a function from the trustee, an agent submits to the jurisdiction of the courts of this State.
(F) A trustee may limit the authority of an agent to delegate functions under this section.
HISTORY: 1999 Act No. 122, Section 2.
Structure South Carolina Code of Laws
Section 59-153-10. Definitions.
Section 59-153-20. Funds and assets held in trust; trustee; investments.
Section 59-153-30. Delegation of functions by trustee.
Section 59-153-40. Standards for discharge of duties by trustee or other fiduciary.
Section 59-153-50. Investing and managing assets; objectives and policies.
Section 59-153-60. Compliance by trustee or fiduciary.
Section 59-153-70. Breach of duty; liability; insurance.
Section 59-153-80. Meetings in executive session, records exempt from disclosure where necessary.
Section 59-153-90. Investment reports.
Section 59-153-310. State Retirement Systems Investment Panel.
Section 59-153-320. Proposal for annual investment plan.
Section 59-153-330. Statement of policy and objectives.
Section 59-153-340. Duties of trustee; State Treasurer as agent; adoption of annual investment plan.