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Public Funds and Accounts | |
Uniform Prudent Management of Institutional Funds Act | |
Section 201 | General standard of care. |
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51-8-201. General standard of care. (1) Subject to the intent of a donor expressed in a gift instrument, an institution, in managing and investing an institutional fund, shall consider the charitable purposes of the institution and the purposes of the institutional fund. (2) In addition to complying with the duty of loyalty imposed by law other than this chapter, each person responsible for managing and investing an institutional fund shall manage and invest the fund in good faith and with the care an ordinarily prudent person in a like position would exercise under similar circumstances.
Enacted by Chapter 59, 2007 General Session |
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