5586 - Restrictions on investments.
§ 5586. Restrictions on investments. (a) Legal investments.--If the trust instrument shall limit or restrict the investment of such assets to investments of the class authorized by law as legal investments, the corporation may invest and reinvest the assets of the trust or fund in any such common trust fund maintained by the corporation, provided the investments composing such fund consist solely of investments of the class authorized by the Fiduciaries Investment Act of 1949 to be held by fiduciaries. (b) Other than legal investments.--If the trust instrument shall not limit or restrict the investment of such assets to investments of the class authorized by law as legal investments, the corporation may invest and reinvest the assets of the trust or fund in any such common trust fund maintained by the corporation, composed of such investments as in the honest exercise of the judgment of the directors or other body of the corporation they may, after investigation, determine to be safe and proper investments. References in Text. The Fiduciaries Investment Act of 1949, referred to in section 5586, was repealed June 30, 1972, P.L.508, No.164, effective July 1, 1972. The subject matter is now contained in Chapter 73 of Title 20 (Decedents, Estates and Fiduciaries).