SECTION 1. Section 54 of chapter 44 of the General Laws, as appearing in the 2016 Official Edition, is hereby amended by inserting the following subtitle:
“(a) General Rule:”
Section 2. Said section is hereby amended by inserting at the end thereof, the following subsection:-
(b) Prudent Investor Rule
This paragraph shall take effect in any city, town or district upon acceptance in accordance with the provisions of General Laws Chapter 4, Section 4. Upon acceptance of this paragraph any city, town, or district may manage trust funds held in its custody as a combined investment pool and may invest said funds in accordance with the provisions of the Massachusetts Prudent Investor Act of Chapter 203C of the General Laws and not in accordance with paragraph (a) of this section. If any provision of this paragraph conflicts with the terms of a bequest, trust, or other instrument that expresses the clear intent of the donor, then such funds may be managed and invested only in accordance with the terms of such bequest, trust, or other instrument.
The information contained in this website is for general information purposes only. The General Court provides this information as a public service and while we endeavor to keep the data accurate and current to the best of our ability, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.