(A) The trustee may delegate functions including, but not limited to, day-to-day investment decisions that a prudent trustee acting in a like capacity and familiar with those matters could delegate properly under the circumstances.

(B) The trustee shall exercise reasonable care, skill, and caution in periodically reviewing the agent‘s performance and compliance with the terms of the delegation.

lawyer at desk

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In South Carolina Code 59-153-30

  • Agent: means the State Treasurer. See South Carolina Code 59-153-10
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Trustee: A person or institution holding and administering property in trust.
  • Trustee: means the board of trustees of the respective institutions of higher learning. See South Carolina Code 59-153-10

(C) In performing a delegated function, an agent owes a duty to the endowment and to its beneficiaries to comply with the terms of the delegation and, if a fiduciary, to comply with the duties imposed by § 59-153-40.

(D) A trustee who complies with subsections (A) and (B) is not liable to the endowment or to its beneficiary for the decisions or actions of the agent to whom the function was delegated.

(E) By accepting the delegation of a function from the trustee, an agent submits to the jurisdiction of the courts of this State.

(F) A trustee may limit the authority of an agent to delegate functions under this section.

  Previous section
Next section  
 Article 1 Contents