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2005 Missouri Revised Statutes - § 402.030. — Delegation of investment management.

402.030. Except as otherwise provided by the applicable gift instrument, 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 endowment funds;

(2) Contract with independent investment advisors, investment counsel or managers, banks, or trust companies, to act for the governing board in investment of institutional endowment funds; and

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

(L. 1976 H.B. 1096 � 5, A.L. 1995 S.B. 178)

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