2005 Minnesota Statutes

     309.65 Investment authority.  

    In addition to an investment otherwise authorized by law or 
 by the applicable gift instrument, and without restriction to 
 investments a fiduciary may make, the governing board, subject 
 to any specific limitations set forth in the applicable gift 
 instrument or in the applicable law other than law relating to 
 investments by a fiduciary, may: 

    (1) invest and reinvest an institutional fund in any real 
 or personal property deemed advisable by the governing board, 
 whether or not it produces a current return, including 
 mortgages, stocks, bonds, debentures, and other securities of 
 profit or nonprofit corporations, shares in or obligations of 
 associations, partnerships, or individuals, and obligations of 
 any government or subdivision or instrumentality thereof; 

    (2) retain property contributed by a donor to an 
 institutional fund for as long as the governing board deems 
 advisable; 

    (3) include all or any part of an institutional fund in any 
 pooled or common fund maintained by the institution; and 

    (4) invest all or any part of an institutional fund in any 
 other pooled or common fund available for investment, including 
 shares or interests in regulated investment companies, mutual 
 funds, common trust funds, investment partnerships, real estate 
 investment trusts, or similar organizations in which funds are 
 commingled and investment determinations are made by persons 
 other than the governing board.  

    HIST: 1973 c 313 s 4