§ 15-402. Management and investment of institutional funds
West's Annotated Code of MarylandEstates and TrustsEffective: April 14, 2009
Effective: April 14, 2009
MD Code, Estates and Trusts, § 15-402
§ 15-402. Management and investment of institutional funds
(a) Subject to the intent of a donor expressed in a gift instrument, an institution, in managing and investing an institutional fund, shall consider the charitable purposes of the institution and the purposes of the institutional fund.
(b) In addition to complying with the duty of loyalty imposed by law other than this subtitle, each person responsible for managing and investing an institutional fund shall manage and invest the fund exercising ordinary business care and prudence under the facts and circumstances prevailing at the time of the action or decision.
(c) In managing and investing an institutional fund, an institution:
(d) An institution may pool two or more institutional funds for purposes of management and investment.
(e)(1) The provisions of this subsection apply except as otherwise provided by a gift instrument.
(3) Management and investment decisions about an individual asset shall be made not in isolation but in the context of the portfolio of investments of the institutional fund as a whole and as a part of an overall investment strategy having risk and return objectives reasonably suited to the fund and to the institution.
(6) Within a reasonable time after receiving property, an institution shall make and carry out decisions concerning the retention or disposition of the property or to rebalance a portfolio, in order to bring the institutional fund into compliance with the purposes, terms, and distribution requirements of the institution as necessary to meet other circumstances of the institution and the requirements of this subtitle.
Credits
Added by Acts 2009, c. 134, § 1, eff. April 14, 2009.
MD Code, Estates and Trusts, § 15-402, MD EST & TRST § 15-402
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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