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HOUSE DOCKET, NO. 2957         FILED ON: 1/18/2013

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1830

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

Viriato Manuel deMacedo

_______________

To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
              Court assembled:

              The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:

An Act authorizing municipal use of the prudent investor standards.

_______________

PETITION OF:

 

Name:

District/Address:

Viriato Manuel deMacedo

1st Plymouth

John V. Fernandes

10th Worcester

Bradley H. Jones, Jr.

20th Middlesex

Thomas J. Calter

12th Plymouth

Michael J. Finn

6th Hampden

Danielle W. Gregoire

4th Middlesex

Aaron Vega

5th Hampden

Joseph F. Wagner

8th Hampden


HOUSE DOCKET, NO. 2957        FILED ON: 1/18/2013

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1830

By Mr. deMacedo of Plymouth, a petition (accompanied by bill, House, No. 1830) of Viriato Manuel deMacedo and others for legislation to authorize municipal use of the prudent investor standards.  Municipalities and Regional Government. 

 

[SIMILAR MATTER FILED IN PREVIOUS SESSION
SEE SENATE, NO. 1004 OF 2011-2012.]


The Commonwealth of Massachusetts
 

_______________

In the Year Two Thousand Thirteen

_______________

 

An Act authorizing municipal use of the prudent investor standards.
 

              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 54 of chapter 44 of the General Laws, as appearing in the 2010 Official Edition, is hereby amended as follows: 

              The current text of General Laws Chapter 44, Section 54, shall be subtitled “(a) General Rule:” and the following paragraph shall be added to said section 54 as follows: 

              (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 (General Laws Chapter 203C) 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.              

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