A trustee or other fiduciary shall discharge duties with respect to an endowment fund:

1. (1) solely in the interest of the endowment fund and beneficiaries;
2. (2) for the exclusive purpose of providing benefits to his beneficiary and paying reasonable expenses of administering the system;
3. (3) with the care, skill, and caution under the circumstances then prevailing which a prudent person acting in a like capacity and familiar with those matters would use in the conduct of an activity of like character and purpose;
4. (4) impartially, taking into account any differing interests of beneficiaries;
5. (5) incurring only those costs that are appropriate and reasonable; and
6. (6) in accordance with a good faith interpretation of this chapter.

HISTORY: 1999 Act No. 122, Section 2.