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,
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.