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,
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.
This act shall take effect upon its passage.