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North Dakota Century Code Title 59. Trusts § 59-16.2-03. Designation and powers of investment trust advisor

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1. An investment trust advisor may be designated in the governing instrument of a trust.  The powers of an investment trust advisor may be exercised or not exercised in the sole and absolute discretion of the investment trust advisor, and are binding on all other persons, including each beneficiary, each fiduciary, each excluded fiduciary, and any other party having an interest in the trust.

2. The governing instrument may use the title “investment trust advisor” or a similar name or description demonstrating the intent to provide for the office and function of an investment trust advisor.

3. Unless the terms of the governing instrument provide otherwise, the investment trust advisor has the authority to:

a. Direct the trustee with respect to the retention, purchase, transfer, assignment, sale, or encumbrance of trust property and the investment and reinvestment of principal and income of the trust;

b. Direct the trustee with respect to all management, control, and voting powers related directly or indirectly to trust assets, including voting proxies for securities held in trust;

c. Select and determine reasonable compensation of one or more advisors, managers, consultants, or counselors, including the trustee, and to delegate to them any of the powers of the investment trust advisor in accordance with section 59-16-07;  and

d. Determine the frequency and methodology for valuing an asset for which there is no readily available market value.

Cite this article: - North Dakota Century Code Title 59. Trusts § 59-16.2-03. Designation and powers of investment trust advisor - last updated January 01, 2020 |

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