In addition to an investment otherwise authorized by law or by the applicable gift instrument, and without restriction to investments a fiduciary may make, the governing board of an institution, subject to specific limitations set forth in the applicable gift instrument or in the applicable law, other than law relating to investments by a fiduciary, may do any of the following:
1. Invest and reinvest an institutional fund in real or personal property deemed advisable by the governing board, whether or not the investment or reinvestment produces a current return, including mortgages, stocks, bonds, debentures, and other securities of profit or nonprofit corporations, shares in or obligations of associations, partnerships, or individuals, and obligations of a government or subdivision or instrumentality of a government.
2. Retain property contributed by a donor to an institutional fund for as long as the governing board deems advisable.
3. Include all or any part of an institutional fund in any pooled or common fund maintained by the institution.
4. Invest all or part of an institutional fund in another pooled or common fund available for investment, including shares or interests in regulated investment companies, mutual funds, common trust funds, investment partnerships, real estate investment trusts, or similar organizations in which funds are commingled and investment determinations are made by persons other than the governing board.
90 Acts, ch 1096, §5
C91, § 122C.5
C93, § 540A.5
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