Section 603 – Director authority, responsibilities, and duties.
Effective 7/1/2014 53D-1-603. Director authority, responsibilities, and duties. (1) (a) The director may delegate to an external agent the management of a portion of the trust fund money or assets, if the delegation is prudent under the circumstances and consistent with the purposes of the trust fund. (b) The director shall periodically review the actions […]
Section 604 – Compliance not determined by hindsight.
Effective 7/1/2014 53D-1-604. Compliance not determined by hindsight. Compliance with a provision of this part in making a decision or taking an action is determined in light of the facts and circumstances existing at the time a decision is made or an action is taken and not by hindsight. Enacted by Chapter 426, 2014 General […]
Section 601 – General management and investment principles — Duty of person with special skills or expertise.
Effective 7/1/2014 53D-1-601. General management and investment principles — Duty of person with special skills or expertise. (1) Board members, the director, and office staff shall act in the best interests of the beneficiaries and comply with the duty of undivided loyalty to the beneficiaries. (2) A person who manages and invests trust fund money […]
Section 602 – Office authority, responsibilities, and duties.
Effective 7/1/2014 53D-1-602. Office authority, responsibilities, and duties. (1) In managing and investing trust fund money and assets, the office: (a) may incur only costs that are appropriate and reasonable in relation to the assets, the purposes of the trust fund, and the skills available to the office; and (b) shall make a reasonable effort […]