2006 Utah Code - 13-29-7 — Standard of conduct.

     13-29-7.   Standard of conduct.
     (1) In the administration of the powers to appropriate appreciation, to make and retain investments, and to delegate investment management of institutional funds, members of the governing board shall exercise ordinary business care and prudence under the facts and circumstances prevailing at the time of the action or decision.
     (2) In exercising those powers, they shall consider:
     (a) the long and short-term needs of the institution in carrying out its educational, religious, charitable, or other eleemosynary purposes;
     (b) its present and anticipated financial requirements;
     (c) the expected total return on its investments;
     (d) price level trends; and
     (e) general economic conditions.
     (3) Except in cases of willful misconduct or gross negligence, members of the governing board are not liable for any loss that results from the execution of their responsibilities under this chapter.

Amended by Chapter 178, 2005 General Session