1720                                     LAWS OF MARYLAND                                 Ch. 838

GOVERNMENT OR SUBDIVISION OR INSTRUMENTALITY THEREOF;

(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; AND

(4)  INVEST ALL OR ANY PART OF AN INSTITUTIONAL FUND IN
ANY OTHER 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
TRUST, OR SIMILAR ORGANIZATIONS IN WHICH FUNDS ARE
COMMINGLED AND INVESTMENT DETERMINATIONS ARE MADE BY
PERSONS OTHER THAN THE GOVERNING BOARD.

10. DELEGATION OF INVESTMENT MANAGEMENT.

EXCEPT AS OTHERWISE PROVIDED BY THE APPLICABLE GIFT
INSTRUMENT OR BY APPLICABLE LAW RELATING TO
GOVERNMENTAL INSTITUTIONS OR FUNDS, THE GOVERNING
BOARD MAY (1) DELEGATE TO ITS COMMITTEES, OFFICERS, OR
EMPLOYEES OF THE INSTITUTION OR THE FUND, OR AGENTS,
INCLUDING INVESTMENT COUNSEL, THE AUTHORITY TO ACT IN
PLACE OF THE BOARD IN INVESTMENT AND REINVESTMENT OF
INSTITUTIONAL FUNDS, (2) CONTRACT WITH INDEPENDENT
INVESTMENT ADVISORS, INVESTMENT COUNSEL OR MANAGERS,
BANKS, OR TRUST COMPANIES, SO TO ACT, AND (3) AUTHORIZE
THE PAYMENT OF COMPENSATION FOR INVESTMENT ADVISORY
OR MANAGEMENT SERVICES.

11.  STANDARD OF CONDUCT.

IN THE ADMINISTRATION OF THE POWERS TO APPROPRIATE
APPRECIATION, TO MAKE AND RETAIN INVESTMENTS, AND TO
DELEGATE INVESTMENT MANAGEMENT OF INSTITUTIONAL
FUNDS, MEMBERS OF A GOVERNING BOARD SHALL EXERCISE
ORDINARY BUSINESS CARE AND PRUDENCE UNDER THE FACTS
AND CIRCUMSTANCES PREVAILING AT THE TIME OF THE ACTION
OR DECISION. IN SO DOING THEY SHALL CONSIDER LONG AND
SHORT TERM NEEDS OF THE INSTITUTION IN CARRYING OUT ITS
EDUCATIONAL, RELIGIOUS, CHARITABLE, OR OTHER
ELEEMOSYNARY PURPOSES, ITS PRESENT AND ANTICIPATED
FINANCIAL REQUIREMENTS, EXPECTED TOTAL RETURN ON ITS
INVESTMENTS, PRICE LEVEL TRENDS, AND GENERAL ECONOMIC
CONDITIONS.

12.  RELEASE OF RESTRICTIONS ON USE OR INVESTMENT.

(A) WITH THE WRITTEN CONSENT OF THE DONOR, THE
GOVERNING BOARD MAY RELEASE, IN WHOLE OR IN PART, A
RESTRICTION IMPOSED BY THE APPLICABLE GIFT INSTRUMENT
ON THE USE OR INVESTMENT OF AN INSTITUTIONAL FUND.