2.The authorization of the Minister of Finance and that of the Minister responsible for the administration of the Act governing the body, provided for in the first paragraph of section 77.2 of the Financial Administration Act (chapter A-6.001), are not required by a university establishment that, in the context of the management of a fund, makes investments, if
(1) an investment policy applicable to the fund is adopted by the university establishment and the fund is managed pursuant to the policy;
(2) the management of the endowment fund is entrusted to
(a) an employee of the university establishment;
(b) an adviser within the meaning of the Securities Act (chapter V-1.1);
(c) a natural person residing outside Québec and whose management activities are authorized by the supervisory and regulatory authorities pursuant to the laws applicable to the natural person; or
(d) a legal person or a joint-stock company or partnership constituted outside Québec whose management activities are authorized by the supervisory and regulatory authorities pursuant to the laws applicable to the legal person or the company or partnership.
(3) no debit balance is created; management fees incurred and capital losses do not exceed the capital entrusted to management; and