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  • Acts
  • 1997
  • Chapter 67 AN ACT RELATIVE TO THE INVESTMENT OF CERTAIN TRUST FUNDS BY THE COMMISSIONERS OF TRUST FUNDS OF THE TOWN OF WESTON.

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. Notwithstanding the provisions of the second sentence of section 54 of chapter 44 of the General Laws or any other general or special law, the town of Weston may, unless otherwise provided or directed by the donor thereof, direct the treasurer to invest such trust funds in securities, other than mortgages or collateral loans, which are legal for the investment of funds of savings banks under the laws of the commonwealth, provided that not more than 15 per cent of such trust funds shall be invested in bank stocks and insurance company stocks, nor shall more than 7 per cent of such funds be invested in the stock of any one bank or insurance company.

SECTION 2. This act shall take effect upon its passage.

Approved August 13, 1997.