Session Laws

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

SECTION 1. Section 22 of chapter 170 of the General Laws is hereby amended by striking out clause (g), as appearing in the 1984 Official Edition, and inserting in place thereof the following clause:- (g) federal funds, defined to include a transaction involving the transfer of deposits of co-operative banks among member banks of the Federal Reserve System, which are immediately available funds.

SECTION 2. Said section 22 of said chapter 170 is hereby further amended by striking out clause (h), added by section 2 of chapter 44 of the acts of 1986, and inserting in place thereof the following three clauses:- (h) investments in shares of the Co-operative Bank Investment Fund established by chapter four hundred and eighty-two of the acts of nineteen hundred and eighty-four, (i) shares or certificates in the Assets Management Fund for Savings Institutions, so-called; provided, however, that the investments made by said fund are limited solely to those investments which qualify as "liquid assets" or "short term liquid assets" under section 523.10 (g) and (j) of the regulations of the Federal Home Loan Bank System issued pursuant to 12 USC 1464, et seq; and provided, further, that no more than twenty per cent of said reserve may be invested in such shares or certificates.