Texas Property Code
§ 163.004 — STANDARD OF CONDUCT IN MANAGING AND INVESTING INSTITUTIONAL FUND
PR § 163.004Title 10. MISCELLANEOUS BENEFICIAL PROPERTY INTERESTS · Part B. FIDUCIARIES · Ch. 163. MANAGEMENT, INVESTMENT, AND EXPENDITURE OF INSTITUTIONAL FUNDS
Statute text
View on source(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 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:
(1)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
(2)shall make a reasonable effort 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.
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Legislative history
Acts 2007, 80th Leg., R.S., Ch. 834 (H.B. 860), Sec. 1, eff. September 1, 2007.