§ 15-1-308 — Investments in United States government obligations

In the
absence of an express provision to the contrary, any fiduciary is authorized,
whenever a governing instrument or order requires or permits investment in United
States government obligations which are backed by the full faith and credit of the
United States government, to invest in such obligations, either directly or in the
form of the securities of or other interests in any open-end or closed-end
management type investment company or investment trust registered under the
federal Investment Company Act of 1940, 15 U.S.C. sec. 80(a)-1 et seq., if the
portfolio of such investment company or investment trust is limited to United
States government obligations which are backed by the full faith and credit of the
United States government and to repurchase agreements fully collateralized by
such obligations and if any such investment company or investment trust actually
takes delivery of such collateral, either directly or through an authorized custodian.

Legislative History

Source: L. 88: Entire section added, p. 645, � 1, effective April 6.