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
History: 1973 c 313 s 5