§ 53D-1-603. Director authority, responsibilities, and duties. (Effective 7/1/2014)

(1)

(a) The director may delegate to an external agent the management of a portion of the trust fund money or assets, if the delegation is prudent under the circumstances and consistent with the purposes of the trust fund.

(b) The director shall periodically review the actions of an agent under Subsection (1)(a) in order to monitor the agent's performance and compliance with the scope and terms of the delegation.

(2) The director shall act in good faith, with the care that a prudent professional in a like position would exercise under similar circumstances, in:

(a) selecting an agent;

(b) establishing the scope and terms of a delegation under Subsection (1); and

(c) periodically reviewing the agent's actions, as provided in Subsection (1)(b).

(3) In performing a delegated function, an agent owes a duty to the state and the beneficiaries to exercise reasonable care to comply with the scope and terms of the delegation.

Enacted by Chapter 426, 2014 General Session