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The DC Code: § 44-1634 Delegation of management and investment functions.

Index44 Charitable and Curative Institutions. (Refs & Annos)
a
Subject to any specific limitation set forth in a gift instrument or in law other than this chapter, an institution may delegate to an external agent the management and investment of an institutional fund to the extent that an 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) of this section 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 the District of Columbia, an agent submits to the jurisdiction of the courts of the District of Columbia 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 the District of Columbia other than this chapter.

Historical and Statutory

Uniform Law This section is based upon § 5 of the Uniform Prudent Management of Institutional Funds Act of 2007. See 7A, Pt. III, Uniform Laws Annotated, Master Edition, or ULA Database on Westlaw. Legislative History of Laws For Law 17-69, see notes following § 44-1631. DC CODE § 44-1634 Current through December 11, 2012

Credits

(Jan. 23, 2008, D.C. Law 17-69, § 5, 54 DCR 11650.)