Section 304 – Rebuttable presumption of imprudence — Scope.
51-8-304. Rebuttable presumption of imprudence — Scope. (1) The appropriation for expenditure in any year of an amount greater than seven percent of the fair market value of an endowment fund, calculated on the basis of market values determined at least quarterly and averaged over a period of not less than three years immediately preceding […]
Section 401 – Delegating management and investment functions.
51-8-401. Delegating management and investment functions. (1) (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. (b) […]