SENATE BILL NO. 345
AN ACT TO AMEND CHAPTER 33, TITLE 12 RELATING TO INVESTMENT ADVISERS.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:
Section 1. Amend Chapter 33, Title 12, by deleting the text of Section
3313 thereof and substituting the following:
"(a) Where one or more persons are given authority by the terms of a governing instrument to direct, consent to, or disapprove a fiduciary's investment decisions, or proposed investment decisions, such persons shall be considered to be fiduciaries when exercising such authority unless the governing instrument provides otherwise.
(b) If a governing instrument provides that a fiduciary is to make
investment decisions upon the direction of an adviser, and the fiduciary acts in accordance with such a direction, then except in cases of willful misconduct, the fiduciary shall not be liable for any loss resulting from any such act.
(c) If a governing instrument provides that a fiduciary is to make
investment decisions with the consent of an adviser, then except in cases of willful misconduct or gross negligence, the fiduciary shall not be liable for any loss resulting from any act taken or omitted as the result of such adviser's not providing such consent after being requested by the fiduciary to do so.
(d) For purposes of this section 'investment decision' means with
respect to any investment, the retention, purchase, sale, exchange, tender or other transactions affecting the ownership thereof."
Section 2. This Act shall become effective August 1, 1994, and shall apply
to investment decisions made on or after that date.
Approved June 27, 1994.