N.Y. NPC Law § 514

§ 514. Delegation of investment management.\n (a) Except as otherwise provided by the applicable gift instrument as\ndefined in section 551 (Definitions), the governing board may delegate\nto its committees, officers or employees of the corporation or the fund\nthe authority to act in place of the governing board in investment and\nreinvestment of institutional funds as defined in section 551\n(Definitions). Each contract, if any, pursuant to which authority is so\ndelegated shall provide that it may be terminated by the governing board\nat any time, without penalty, upon not more than sixty days' notice.\nSection 554 (Delegation of management and investment functions) shall\ngovern external delegation.\n (b) The governing board shall exercise the standard of care required\nby section 717 (Duty of directors and officers) in the selection of\npersons to whom authority is delegated or with whom contracts are made\nunder paragraph (a) of this section and in the continuation or\ntermination of such delegation or contracts. The governing board shall\nbe relieved of all liability for the investment and reinvestment of\ninstitutional funds by, and for the other acts or omissions of, persons\nto whom authority is so delegated or with whom contracts are so made.\n