New York § 514 - 514Delegation of investment management
Full text of New York New York Consolidated Laws § 514 — 514Delegation of investment management, with citation guidance and answers to common questions.
§ 514. 514Delegation of investment management
§ 514. Delegation of investment management. (a) Except as otherwise provided by the applicable gift instrument as defined in section 551 (Definitions), the governing board may delegate to its committees, officers or employees of the corporation or the fund the authority to act in place of the governing board in investment and reinvestment of institutional funds as defined in section 551 (Definitions). Each contract, if any, pursuant to which authority is so delegated shall provide that it may be terminated by the governing board at any time, without penalty, upon not more than sixty days' notice. Section 554 (Delegation of management and investment functions) shall govern external delegation. (b) The governing board shall exercise the standard of care required by section 717 (Duty of directors and officers) in the selection of persons to whom authority is delegated or with whom contracts are made under paragraph (a) of this section and in the continuation or termination of such delegation or contracts. The governing board shall be relieved of all liability for the investment and reinvestment of institutional funds by, and for the other acts or omissions of, persons to whom authority is so delegated or with whom contracts are so made.
Source: official New York text · Last verified 2026-08-27
Frequently Asked Questions About New York § 514
What does New York Consolidated Laws § 514 cover?
Section 514 ("514Delegation of investment management") is part of the New York Consolidated Laws, the codified statutory law of New York. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New York § 514?
A common citation format is "New York Consolidated Laws § 514" (New York). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New York law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New York official source linked on this page or consult a licensed New York attorney.
How does New York § 514 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New York can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New York.