2001 Minnesota Statutes

     309.66 Delegation of investment management.  

    Except as otherwise provided by the applicable gift 
 instrument or by applicable law relating to governmental 
 institutions or funds, the governing board may (1) delegate to 
 its committees, officers or employees of the institution or the 
 fund, or agents, including investment counsel, the authority to 
 act in place of the board in investment and reinvestment of 
 institutional funds, (2) contract with independent investment 
 advisors, investment counsel or managers, banks, or trust 
 companies, so to act, and (3) authorize the payment of 
 compensation for investment advisory or management services.  

    HIST: 1973 c 313 s 5