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General Laws

Section 15A. Annually, not later than July first, the commissioner shall prepare a list of all stocks, bonds, notes and other interest-bearing obligations which are then legal investments under any provision of sections forty-two to forty-eight, inclusive, and paragraph six of section forty-nine of chapter one hundred and sixty-eight in effect on June thirtieth, nineteen hundred and eighty-three and section fifteen B of this chapter, provided that all privately placed or held issues may, in the discretion of the commissioner, be omitted. Such list shall include the name of any investment fund, approved by the commissioner, which invests only in such stocks, bonds, notes and other interest bearing obligations. The shares of any such investment fund so approved shall be legal investments pursuant to this section to the same extent as any such stocks, bonds, notes and other interest bearing obligations. Said list shall at all times be open to public inspection and a copy thereof shall be sent to every state-chartered bank having savings deposit. In the preparation of any list hereunder which the commissioner is required to prepare or furnish, he may employ such expert assistance as he deems proper or may rely upon information contained in publications which he deems authoritative in reference to such matters, and he shall be in no way held responsible or liable for the omission from such list of the name of any state or political subdivision or authority thereof or of any corporation or association the stocks, bonds, notes or other interest bearing obligations of which conform or any investment fund which conforms to this chapter, or for the omission of any of any investment funds, stocks, bonds, notes or other interest bearing obligations which so conform; nor shall he be held responsible or liable for the inclusions in such list of any such names or of any investment funds, stocks, bonds, notes or other interest bearing obligations which do not so conform.

Officers and members of a board of a bank may rely upon the legal list referred to in this section as representing an accurate listing of investment funds, stocks, bonds, notes and other interest bearing obligations eligible for investment by it; and no such officer or member shall be personally liable for any loss incurred by such bank arising from the purchase in good faith of any shares in an investment fund or security appearing on said list at the time of such purchase.

Subsequent to the annual preparation of such list, the commissioner may add the name of any investment fund which meets the requirements of this section.

As used in any general or special law, the term “legal list for savings banks” or “legal investments for savings banks” shall mean the list referred to in this section.

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