Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
Section 3 of chapter 167G of the General Laws, as appearing in section 9 of chapter 155 of the acts of 1982, is hereby amended by inserting after subsection 9 the following subsection:-
9A. Any association or corporation authorized to do a banking business and to exercise trust powers in the commonwealth is authorized to establish one or more collective investment funds in which it may invest funds or other property which it or any other such association or corporation is authorized to invest as trustee or agent or otherwise as a fiduciary except as a trustee, agent, or fiduciary appointed by the probate court, unless the instrument granting to the fiduciary authority to invest otherwise provides. Any such collective investment fund shall be administered in accordance with a written declaration of trust which shall provide that if property is held by such association or corporation as a fiduciary together with a co-fiduciary, such property may be invested in such collective investment fund only with the written consent of such co-fiduciary. In no case shall any other notice or consent be required for the making of such investment unless such instrument granting investment authority otherwise provides. An account of the administration of each such collective investment fund shall be prepared annually, shall be audited by an independent certified public accountant and a copy of such account and of the audit report thereon shall be made available to any interested party upon written request. All expenses of the administration of such collective investment fund, including the cost of the annual audit, shall be borne by the fund, but the association or corporation shall absorb the cost of the establishing any such collective investment fund.