Oklahoma § 60-300.15 - Delegation of management and investment functions

§ 60-300.15. Delegation of management and investment functions

DELEGATION OF MANAGEMENT AND INVESTMENT FUNCTIONS.

(a) Subject to any specific limitation set forth in a gift

instrument or in law other than the Uniform Prudent Management of

Institutional Funds 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 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 this

state, an agent submits to the jurisdiction of the courts of this

Oklahoma Statutes - Title 60. Property

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 the Uniform Prudent Management of

Institutional Funds Act.

Added by Laws 2007, c. 91, § 5, eff. Nov. 1, 2007.