New Jersey § 15:18-29

§ 15:18-29.

a. Subject to any specific limitation set forth in a gift instrument or in law other

than this act, 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 shall owe 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 shall not be 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 shall submit 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 this act.