ORS 128.326
Delegation of management and investment functions


(1)

Subject to any specific limitation set forth in a gift instrument or in law other than ORS 128.305 (Short title) to 128.336 (Uniformity of application and construction), an institution may delegate to an external agent the management and investment of an institutional fund to the extent that an institution could prudently delegate under the circumstances. An institution shall act in good faith, with the care that an ordinarily prudent person in a like position would exercise under similar circumstances, in:

(a)

Selecting an agent;

(b)

Establishing the scope and terms of the delegation, consistent with the purposes of the institution and the institutional fund; and

(c)

Periodically reviewing the agent’s actions in order to monitor the agent’s performance and compliance with the scope and terms of the delegation.

(2)

In performing a delegated function, an agent owes a duty to the institution to exercise reasonable care to comply with the scope and terms of the delegation.

(3)

An institution that complies with subsection (1) of this section is not liable for the decisions or actions of an agent to which the function was delegated.

(4)

By accepting delegation of a management or investment function from an institution that is subject to the laws of this state, an agent submits to the jurisdiction of the courts of this state in all proceedings arising from or related to the delegation or the performance of the delegated function.

(5)

An institution may delegate management and investment functions to its committees, officers or employees as authorized by law of this state other than ORS 128.305 (Short title) to 128.336 (Uniformity of application and construction). [2007 c.554 §4]

Source: Section 128.326 — Delegation of management and investment functions, https://www.­oregonlegislature.­gov/bills_laws/ors/ors128.­html.

128.001
Limitations on accepting payment for preparation of trust
128.085
Limitations on trustee’s administration of “private foundation” trust
128.090
Limitations on trustee’s administration of “split-interest” trust
128.095
Trustee may amend governing instrument of “private foundation” or “split-interest” trust with prior consent of Attorney General and benefited organizations
128.100
Authority of fiduciary to deposit securities in clearing corporation
128.305
Short title
128.316
Definitions for ORS 128.305 to 128.336
128.318
Standard of conduct in managing and investing institutional fund
128.322
Appropriation for expenditure or accumulation of endowment fund
128.326
Delegation of management and investment functions
128.328
Release or modification of restrictions on management, investment or purpose
128.332
Reviewing compliance
128.334
Relation to Electronic Signatures in Global and National Commerce Act
128.336
Uniformity of application and construction
128.510
Definitions for ORS 128.520
128.520
Employees’ trust may be in perpetuity
128.560
“Business trust” described
128.565
Business trust permitted
128.570
Business trusts and trustees not subject to bank and trust company regulations
128.573
Forms
128.575
Filing with Office of Secretary of State required
128.580
Business trusts subject to certain corporate laws
128.585
Personal liability of trustees, shareholders or beneficiaries of business trust
128.590
Filing of trust instrument as conclusive evidence of compliance with laws
128.595
Annual report
128.597
Inactivation of business trust
128.599
Reinstatement of business trust following inactivation
128.600
Filing, service, copying and certification fees
128.610
Short title
128.620
Definitions for ORS 128.610 to 128.769
128.630
Application of ORS 128.610 to 128.769
128.640
Exemptions from application of ORS 128.610 to 128.769
128.650
Register of charitable organizations
128.660
Filing of registration statement and articles of incorporation or other instrument with Attorney General
128.670
Filing of reports
128.675
Violations of ORS 128.610 to 128.769
128.680
Investigatory authority of Attorney General
128.690
Order for attendance by Attorney General
128.710
Enforcement
128.720
Copies of certain documents and notice to be provided Attorney General
128.730
List of certain claims for exemptions from taxation to be provided Attorney General
128.735
Attorney fees in action to enforce fiduciary or other duty
128.750
Uniformity of interpretation
128.760
Issuance of disqualification order by Attorney General
128.763
Disclosure of disqualification required in solicitations
128.766
Publication of disqualified organizations on Internet
128.769
Rules
128.801
Definitions for ORS 128.801 to 128.898
128.802
Registration of professional fund raising firms required
128.804
Fund raising notice
128.807
Required submission of financial plan to nonprofit beneficiary
128.809
Required disclosure of agency by solicitors
128.812
Required submission of financial report after campaign
128.814
Presumption of breach of fiduciary duty by officer or director of nonprofit beneficiary
128.821
Registration of commercial fund raising firms required
128.823
Designation of amount to be paid to beneficiaries
128.824
Disclosures required in commercial fund raising solicitations
128.826
Commercial fund raising contracts and notice
128.841
Commercial fund raising firm financial reports
128.846
Maintenance of records by commercial fund raising firm
128.848
Accountings required of commercial coventurer
128.856
Written consent by beneficiary to use of name
128.861
Written consent required for representations about use of tickets
128.866
Injunction by Attorney General
128.871
Denial or revocation of registration
128.876
Rules
128.881
Deposit of fees and penalties
128.886
False or misleading representations prohibited
128.891
Prohibited representations
128.893
Use of in-state address
128.898
Short title
128.992
Penalties for ORS 128.610 to 128.769
128.993
Penalty for signing false document
128.995
Penalties for ORS 128.801 to 128.898
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