Which of the following statements regarding an investment company's board of directors is NOT true?
A) The board of directors contracts with an outside investment adviser or portfolio manager to invest the cash and securities held in the fund's portfolio.
B) No convicted felon or person convicted of a misdemeanor involving the securities industry may serve on the board of directors of an investment company.
C) An investment company's board of directors manages the portfolio on behalf of the investor shareholders.
D) An investment company's board of directors concerns itself with policy and administrative matters
Answer: C) An investment company's board of directors manages the portfolio on behalf of the investor shareholders.