Vermont § 3415 - Delegation of management and investment functions
Full text of Vermont Vermont Statutes Online § 3415 — Delegation of management and investment functions, with citation guidance and answers to common questions.
§ 3415. Delegation of management and investment functions
- (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 this State, an agent submits 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 chapter. (Added 2009, No. 9, § 2, eff. May 5, 2009.)
Source: official Vermont text · Last verified 2026-08-27
Frequently Asked Questions About Vermont § 3415
What does Vermont Statutes Online § 3415 cover?
Section 3415 ("Delegation of management and investment functions") is part of the Vermont Statutes Online, the codified statutory law of Vermont. 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 Vermont § 3415?
A common citation format is "Vermont Statutes Online § 3415" (Vermont). 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 Vermont law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Vermont official source linked on this page or consult a licensed Vermont attorney.
How does Vermont § 3415 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Vermont 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 Vermont.