AN ACT RELATIVE TO THE INVESTMENT OF TRUST FUNDS BY THE CITY OF WORCESTER.
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
Notwithstanding the provisions of section 54 of chapter 44 of the General Laws or any other general or special law to the contrary, the city of Worcester, acting through its treasurer, may invest trust funds, including cemetery perpetual care funds, unless otherwise provided or directed by the donor thereof, in any class of securities which are eligible for inclusion in the list of legal investments for savings banks pursuant to paragraph 1 of section 15B of chapter 167 of the General Laws, whether or not such security has been included by the commissioner of banks on such list. All provisions of said section 54 of said chapter 44 regarding the percentage of investment in the securities of any one corporation shall apply to investments made under the provisions of this act. Nothing in this act shall be deemed to prohibit said treasurer from investing such trust funds in any investment otherwise described in said section 54.