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Minnesota Legislature

Office of the Revisor of 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.
History: 1973 c 313 s 4