55-1B-10. Powers and discretions of investment trust advisor. The powers and discretions of an investment trust advisor shall be provided in the trust instrument and may be exercised or not exercised, in the best interests of the trust, in the sole and absolute discretion of the investment trust advisor and are binding on any other person and any other interested party, fiduciary, and excluded fiduciary. Unless the terms of the governing instrument provide otherwise, the investment trust advisor has the power to perform the following:
(1) Direct the trustee with respect to the retention, purchase, sale, exchange, tender, or other transaction affecting the ownership thereof or rights therein of trust investments. These powers include the pledge or encumbrance of trust property, lending of trust assets, either secured or unsecured, at terms defined by the investment trust advisor to any party including beneficiaries of the trust and the investment and reinvestment of principal and income of the trust;
(2) Vote proxies for securities held in trust;
(3) Select one or more investment advisers, managers, or counselors, including the trustee, and delegate to them any of its powers;
(4) Direct the trustee with respect to any additional powers and discretions over investment and management of trust assets provided in the governing instrument;
(5) Direct the trustee as to the value of nonpublicly traded trust investments; and
(6) Direct the trustee as to any investment or management power referenced in chapter 55-1A.Source: SL 2005, ch 260, § 6; SL 2012, ch 233, § 6; SL 2014, ch 226, § 17.
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