2006 Code of Virginia § 55-268.5 - Delegation of investment management

55-268.5. Delegation of investment management.

Except as otherwise provided by the applicable gift instrument or byapplicable law relating to governmental institutions or funds, the governingboard may:

(1) Delegate to its committees, to officers or employees of the institutionor the fund, or to agents (including investment counsel) the authority to actin place of the board in investment and reinvestment of institutional funds;

(2) Contract with independent investment advisors, investment counsel ormanagers, banks, or trust companies, so to act; and

(3) Authorize the payment of compensation for investment advisory ormanagement services.

(1973, c. 167.)