{"data":{"id":"us-ok/okla.-stat.-tit.-60-60-300.15","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 60, § 60-300.15","heading":"Delegation of management and investment functions","body":"DELEGATION OF MANAGEMENT AND INVESTMENT FUNCTIONS.\n\n(a) Subject to any specific limitation set forth in a gift\n\ninstrument or in law other than the Uniform Prudent Management of\n\nInstitutional Funds Act, an institution may delegate to an external\n\nagent the management and investment of an institutional fund to the\n\nextent that an institution could prudently delegate under the\n\ncircumstances. An institution shall act in good faith, with the\n\ncare that an ordinarily prudent person in a like position would\n\nexercise under similar circumstances, in:\n\n(1) Selecting an agent;\n\n(2) Establishing the scope and terms of the delegation,\n\nconsistent with the purposes of the institution and the\n\ninstitutional fund; and\n\n(3) Periodically reviewing the agent’s actions in order to\n\nmonitor the agent’s performance and compliance with the scope and\n\nterms of the delegation.\n\n(b) In performing a delegated function, an agent owes a duty to\n\nthe institution to exercise reasonable care to comply with the scope\n\nand terms of the delegation.\n\n(c) An institution that complies with subsection (a) of this\n\nsection is not liable for the decisions or actions of an agent to\n\nwhich the function was delegated.\n\n(d) By accepting delegation of a management or investment\n\nfunction from an institution that is subject to the laws of this\n\nstate, an agent submits to the jurisdiction of the courts of this\n\nstate in all proceedings arising from or related to the delegation\n\nor the performance of the delegated function.\n\n(e) An institution may delegate management and investment\n\nfunctions to its committees, officers, or employees as authorized by\n\nlaw of this state other than the Uniform Prudent Management of\n\nInstitutional Funds Act.","path":["OK Code","Title 60"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os60.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"0f18991723ce6cfadbcf36300f0557ed0e71d2fc4e599b2e16ee18e74371f6c1","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-60-60-300.14","next":"us-ok/okla.-stat.-tit.-60-60-300.16"},"notice":"GroundRules: Original legal text. Not legal advice."}