103.032. Investment counselors may be employed for investment advice, qualifications, duties. - Missouri Statutes

Investment counselors may be employed for investment advice,qualifications, duties.

103.032. The board may employ or contract with aninvestment counselor or counselors to be the investment advisorto the board. The board may delegate to such investmentcounselor authority to act in place of the board in theinvestment and reinvestment of all or part of the moneys of theplan, and may also delegate to such counselor the authority toact in place of the board in the holding, purchasing, selling,assigning, transferring or disposing of any or all securities andinvestments in which such moneys have been invested, as well asthe proceeds of such investments. Such investment counselor orcounselors shall be registered as an investment advisor with theUnited States Securities and Exchange Commission. In exercisingor delegating its investment powers and authority, members of theboard shall exercise ordinary business care prudence under thefacts and circumstances prevailing at the time of the action ordecision. In so doing, the board shall consider long- andshort-term needs of the plan in carrying out its purposes, theplan's present and anticipated financial requirements, theexpected total return on the plan's investment, general economicconditions, income, growth, long-term net appreciation, andprobable safety of funds. No member of the board shall be liablefor any action taken or omitted with respect to the exercise ofor delegation of these powers and authority if such member shallhave discharged the duties of his or her position in good faithand with that degree of diligence, care, and skill which prudentmen and women would ordinarily exercise under similarcircumstances in a like position.

(L. 1992 H.B. 1574 § 1 subsec. 15)