2006 Code of Virginia § 55-268.6 - Standard of conduct
55-268.6. Standard of conduct.
In the administration of the powers to appropriate appreciation, to make andretain investments, and to delegate investment management of institutionalfunds, members of a governing board shall exercise ordinary business care andprudence under the facts and circumstances prevailing at the time of theaction or decision, and in so doing they shall consider long- and short-termneeds of the institution, in carrying out its educational, religious,charitable, or other eleemosynary purposes, its present and anticipatedfinancial requirements, expected total return on its investments, price leveltrends, and general economic conditions.
(1973, c. 167.)
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