Arizona Arizona Revised Statutes
§ 10-11802 — Managing and investing institutional funds; standard of conduct
ARS § 10-11802Title 10. Corporations and Associations · Ch. 41. MANAGEMENT OF CHARITABLE FUNDS · Art. 1. General Provisions
Statute text
View on source10-11802. Managing and investing institutional funds; standard of conduct 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 in 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. C. In managing and investing an institutional fund, an institution may incur only costs that are appropriate and reasonable in relation to the assets, the purposes of the institution and the skills available to the institution and shall make reasonable efforts to verify facts relevant to the management and investment of the fund. D. An institution may pool two or more institutional funds for purposes of management and investment. E. Except as otherwise provided by a gift instrument, the following apply: 1. In managing and investing an institutional fund, the following factors, if relevant, shall be considered:
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