California Probate Code

§ 18503

PROB § 18503 Effective Jan 1, 2009Div. 9 · Part 7

Statute text

(a)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.

(b)In addition to complying with the duty of loyalty imposed by law other than this part, 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.

(c)In managing and investing an institutional fund, an institution is subject to both of the following:

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Legislative history

Repealed and added by Stats. 2008, Ch. 715, Sec. 4. Effective January 1, 2009.