79-11-609 - Governing board; powers and duties regarding delegation, contracting, and payment of compensation.
§ 79-11-609. Governing board; powers and duties regarding delegation, contracting, and payment of compensation.
Except as otherwise provided by the applicable gift instrument or by applicable law relating to governmental institutions or funds, the governing board may (a) delegate to its committees, officers or employees of the institution or the fund, or agents, including investment counsel, the authority to act in place of the board in investment and reinvestment of institutional funds, (b) contract with independent investment advisors, investment counsel or managers, banks or trust companies, so to act, and (c) authorize the payment of compensation for investment advisory or management services.
Sources: Laws, 1998, ch. 417, § 5, eff from and after July 1, 1998.