{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/64.2-1103.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/64.2-1103.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/64.2-1103.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/64.2-1103.html"}],"law_id":87071,"edition_id":1,"section_id":87071,"structure_id":14908,"section_number":"64.2-1103","catch_line":"Delegation of management and investment functions","history":"1973, c. 167, \u00a7 55-268.5; 2008, c. 184, \u00a7 55-268.15; 2012, c. 614.","full_text":"A\n\nSubject to any specific limitation set forth in a gift instrument or in law other than this chapter, an institution may delegate to an external agent the management and investment of an institutional fund to the extent that an institution could prudently delegate under the circumstances. An institution shall act in good faith, with the care that an ordinarily prudent person in a like position would exercise under similar circumstances, in:1\n\nSelecting an agent;2\n\nEstablishing the scope and terms of the delegation, consistent with the purposes of the institution and the institutional fund; and3\n\nPeriodically reviewing the agent’s actions in order to monitor the agent’s performance and compliance with the scope and terms of the delegation.B\n\nIn performing a designated function, an agent owes a duty to the institution to exercise reasonable care to comply with the scope and terms of the delegation.C\n\nAn institution that complies with subsection A is not liable for the decisions or actions of an agent to which the function was delegated.D\n\nBy accepting delegation of a management or investment function from an institution that is subject to the laws of the Commonwealth, an agent submits to the jurisdiction of the courts of the Commonwealth in all proceedings arising from or related to the delegation or the performance of the delegated function.E\n\nAn institution may delegate management and investment functions to its committees, officers, or employees as authorized by law of the Commonwealth other than this chapter.","order_by":null,"text":{"0":{"id":311772,"text":"Subject to any specific limitation set forth in a gift instrument or in law other than this chapter, an institution may delegate to an external agent the management and investment of an institutional fund to the extent that an institution could prudently delegate under the circumstances. An institution shall act in good faith, with the care that an ordinarily prudent person in a like position would exercise under similar circumstances, in:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":311773,"text":"Selecting an agent;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":311774,"text":"Establishing the scope and terms of the delegation, consistent with the purposes of the institution and the institutional fund; and","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":311775,"text":"Periodically reviewing the agent’s actions in order to monitor the agent’s performance and compliance with the scope and terms of the delegation.","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"B"},"4":{"id":311776,"text":"In performing a designated function, an agent owes a duty to the institution to exercise reasonable care to comply with the scope and terms of the delegation.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A3","next_prefix":"C"},"5":{"id":311777,"text":"An institution that complies with subsection A is not liable for the decisions or actions of an agent to which the function was delegated.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"6":{"id":311778,"text":"By accepting delegation of a management or investment function from an institution that is subject to the laws of the Commonwealth, an agent submits to the jurisdiction of the courts of the Commonwealth in all proceedings arising from or related to the delegation or the performance of the delegated function.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"7":{"id":311779,"text":"An institution may delegate management and investment functions to its committees, officers, or employees as authorized by law of the Commonwealth other than this chapter.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D"}},"ancestry":[{"id":14908,"edition_id":1,"name":"Uniform Prudent Management of Institutional Funds Act","identifier":"11","label":"chapter","depth":3,"order_by":1,"parent_id":12724,"metadata":{},"date_created":"2026-06-26 03:50:43","date_modified":"2026-06-26 03:50:43","permalink":{"id":274069,"object_type":"structure","relational_id":14908,"identifier":"11","token":"64.2\/III\/11","url":"\/64.2\/III\/11\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12724,"edition_id":1,"name":"Trusts","identifier":"III","label":"subtitle","depth":2,"order_by":1,"parent_id":12723,"metadata":{},"date_created":"2026-06-26 03:43:50","date_modified":"2026-06-26 03:43:50","permalink":{"id":273811,"object_type":"structure","relational_id":12724,"identifier":"III","token":"64.2\/III","url":"\/64.2\/III\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12723,"edition_id":1,"name":"Wills, Trusts, and Fiduciaries","identifier":"64.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:50","date_modified":"2026-06-26 03:43:50","permalink":{"id":272781,"object_type":"structure","relational_id":12723,"identifier":"64.2","token":"64.2","url":"\/64.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":84375,"structure_id":14908,"section_number":"64.2-1100","catch_line":"Definitions","url":"\/64.2-1100\/","token":"64.2\/III\/11\/64.2-1100","metadata":false},{"id":56908,"structure_id":14908,"section_number":"64.2-1101","catch_line":"Standard of conduct in managing and investing institutional fund","url":"\/64.2-1101\/","token":"64.2\/III\/11\/64.2-1101","metadata":false},{"id":65845,"structure_id":14908,"section_number":"64.2-1102","catch_line":"Appropriation for expenditure or accumulation of endowment fund; rules of construction","url":"\/64.2-1102\/","token":"64.2\/III\/11\/64.2-1102","metadata":false},{"id":87071,"structure_id":14908,"section_number":"64.2-1103","catch_line":"Delegation of management and investment functions","url":"\/64.2-1103\/","token":"64.2\/III\/11\/64.2-1103","metadata":false},{"id":70158,"structure_id":14908,"section_number":"64.2-1104","catch_line":"Release or modification of restrictions on management, investment, or purpose","url":"\/64.2-1104\/","token":"64.2\/III\/11\/64.2-1104","metadata":false},{"id":62888,"structure_id":14908,"section_number":"64.2-1105","catch_line":"Reviewing compliance","url":"\/64.2-1105\/","token":"64.2\/III\/11\/64.2-1105","metadata":false},{"id":59935,"structure_id":14908,"section_number":"64.2-1106","catch_line":"Application to existing institutional funds","url":"\/64.2-1106\/","token":"64.2\/III\/11\/64.2-1106","metadata":false},{"id":70621,"structure_id":14908,"section_number":"64.2-1107","catch_line":"Relation to Electronic Signatures in Global and National Commerce Act","url":"\/64.2-1107\/","token":"64.2\/III\/11\/64.2-1107","metadata":false},{"id":85902,"structure_id":14908,"section_number":"64.2-1108","catch_line":"Uniformity of application and construction","url":"\/64.2-1108\/","token":"64.2\/III\/11\/64.2-1108","metadata":false}],"previous_section":{"id":65845,"structure_id":14908,"section_number":"64.2-1102","catch_line":"Appropriation for expenditure or accumulation of endowment fund; rules of construction","url":"\/64.2-1102\/","token":"64.2\/III\/11\/64.2-1102","metadata":false},"next_section":{"id":70158,"structure_id":14908,"section_number":"64.2-1104","catch_line":"Release or modification of restrictions on management, investment, or purpose","url":"\/64.2-1104\/","token":"64.2\/III\/11\/64.2-1104","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/64.2-1103\/","history_text":"

This law was first created in 1973. The record of its establishment is cataloged in chapter 167 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1973 \u201cActs\u201d aren\u2019t available online. It has been modified 2 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 2008, chapter 184<\/a>; in 2012, chapter 614<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":274083,"object_type":"law","relational_id":87071,"identifier":"64.2-1103","token":"64.2\/III\/11\/64.2-1103","url":"\/64.2-1103\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/64.2-1103\/","token":"64.2\/III\/11\/64.2-1103","dublin_core":{"Title":"Delegation of management and investment functions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 64.2-1103","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Subject to any specific limitation set forth in a gift instrument<\/span> or in law<\/span> other than this chapter, an institution may delegate to an external agent the management and investment of an institutional fund<\/span> to the extent that an institution could prudently delegate under the circumstances. An institution shall act in good faith, with the care that an ordinarily prudent person<\/span> in a like position would exercise under similar circumstances, in: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Selecting an agent; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Establishing the scope and terms of the delegation, consistent with the purposes of the institution and the institutional fund<\/span>; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Periodically reviewing the agent’s actions in order<\/span> to monitor the agent’s performance and compliance with the scope and terms of the delegation. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> In performing a designated function, an agent owes a duty to the institution to exercise reasonable care to comply with the scope and terms of the delegation. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> An institution that complies with subsection A is not liable for the decisions or actions of an agent to which the function was delegated. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> By accepting delegation of a management or investment function from an institution that is subject to the laws<\/span> of the Commonwealth, an agent submits to the jurisdiction<\/span> of the courts<\/span> of the Commonwealth in all proceedings arising from or related to the delegation or the performance of the delegated function. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> An institution may delegate management and investment functions to its committees, officers, or employees as authorized by law<\/span> of the Commonwealth other than this chapter. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDELEGATION OF MANAGEMENT AND INVESTMENT FUNCTIONS (\u00a7 64.2-1103)\n\nA. Subject to any specific limitation set forth in a gift instrument or in law\nother than this chapter, an institution may delegate to an external agent the\nmanagement and investment of an institutional fund to the extent that an\ninstitution could prudently delegate under the circumstances. An institution\nshall act in good faith, with the care that an ordinarily prudent person in a\nlike position would exercise under similar circumstances, in:\n\n 1. Selecting an agent;\n\n 2. Establishing the scope and terms of the delegation, consistent with the\n purposes of the institution and the institutional fund; and\n\n 3. Periodically reviewing the agent’s actions in order to monitor the\n agent’s performance and compliance with the scope and terms of the\n delegation.\n\nB. In performing a designated function, an agent owes a duty to the institution\nto exercise reasonable care to comply with the scope and terms of the\ndelegation.\n\nC. An institution that complies with subsection A is not liable for the\ndecisions or actions of an agent to which the function was delegated.\n\nD. By accepting delegation of a management or investment function from an\ninstitution that is subject to the laws of the Commonwealth, an agent submits to\nthe jurisdiction of the courts of the Commonwealth in all proceedings arising\nfrom or related to the delegation or the performance of the delegated function.\n\nE. An institution may delegate management and investment functions to its\ncommittees, officers, or employees as authorized by law of the Commonwealth\nother than this chapter.\n\nHISTORY: 1973, c. 167, \u00a7 55-268.5; 2008, c. 184, \u00a7 55-268.15; 2012, c. 614.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}