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1999 SESSION
HB 841 Prudent Investor Act; created.
Introduced by: Whittington W. Clement | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED HOUSE:
Uniform Prudent Investor Act. Adopts the uniform act, which is intended to facilitate reasonable investment practices by trustees. The bill adopts a standard of prudence which is applied to an investment as part of a total portfolio rather than to the individual investment; makes the fiduciary’s central consideration an evaluation of risk versus return; allows investment in anything that meets the requirements of prudent investing; recognizes the need for diversification; and allows delegation of investment and management functions.
This bill is recommended by the Virginia Commissioners to the National Conference of Commissioners on Uniform State Laws.
SUMMARY AS INTRODUCED:
Uniform Prudent Investor Act. Adopts the uniform act, which is intended to facilitate reasonable investment practices by trustees. The bill adopts a standard of prudence which is applied to an investment as part of a total portfolio rather than to the individual investment; makes the fiduciary's central consideration an evaluation of risk versus return; allows investment in anything that meets the requirements of prudent investing; recognizes the need for diversification; and allows delegation of investment and management functions.