(a) The Alaska Mental Health Trust Authority, established by AS 47.30.011, is the trustee of the trust established under the Alaska Mental Health Enabling Act of 1956, P.L. 84-830, 70 Stat. 709.


(b) In exercising the powers, duties, and responsibilities as trustee, the authority is under a duty to the public and the trust beneficiaries to


(1) administer the trust consistent with AS 37.14.009
in the interest of the beneficiaries;


(2) keep and render clear and accurate accounts with respect to the administration of the trust;


(3) make public and available complete and accurate information as to the nature and amount of the trust property;


(4) exercise a high degree of care in administering the trust;


(5) take reasonable steps to take and keep control of the trust property;


(6) use care and skill to preserve the trust property;


(7) take reasonable steps to realize on claims that are held in trust;


(8) defend against actions that may result in a loss to the trust estate, unless under all the circumstances, considering the other duties owed to the trust, it is reasonable not to make the defense;


(9) separately account for trust property;


(10) ensure that trust property is designated as property of the trust;


(11) use care and skill to make the trust property productive; however, nothing in this paragraph shall prevent the state from using trust property directly or indirectly, by contractual stipulation or otherwise, as a component of the state's mental health trust program; and


(12) deal impartially with the different trust beneficiaries as provided in AS 47.30.056
.