20 Pennsylvania Consolidated Statutes Chapter 73 - Municipalities Investments
- Chapter Notes
- Section 7301 - Definition Of Fiduciary
The term "fiduciary" as used in this chapter shall include an administrator of a municipal pension or retirement plan and any other person whose...
- Section 7302 - Authorized Investments; In General
(a) Specifically authorized.--Subject only to the provisions of the governing instrument, if any, a fiduciary may accept, hold, invest in, and retain, any of...
- Section 7303 - Government Obligations
Obligations of the following governmental bodies shall be authorized investments: (1) United States.--Obligations of the United States or the United States Treasury or those...
- Section 7304 - Obligations Of Federal Organizations
Obligations of the following organizations constituted under the laws of the United States shall be authorized investments: (1) National Housing Administration.--Obligations issued pursuant to...
- Section 7305 - Obligations Of Pennsylvania Governmental Organizations
Obligations of the following Pennsylvania governmental organizations shall be authorized investments: (1) General State Authority and other State authorities.--Obligations issued by The General State...
- Section 7306 - Obligations Of Governmental Organizations Existing Pursuant To The Laws Of Pennsylvania, Other States And The District Of Columbia
Obligations of any authority, commission or similar governmental organization existing pursuant to the laws of this Commonwealth or the laws of any other state...
- Section 7307 - Corporate Bonds
(a) In general.--Any interest-bearing obligation, including bonds, notes, debentures, and car-trust certificates, issued, guaranteed, or assumed by, a corporation organized under the laws of...
- Section 7308 - Mortgages
One or more bonds or other obligations secured by one or more mortgages, or in connection with which the obligor gives one or more...
- Section 7309 - Fractional Interests
(a) Mortgages.--A fractional interest in an obligation naming a fiduciary as the obligee, secured by one or more mortgages, shall be an authorized investment...
- Section 7310 - Stocks
(a) Preferred and common stock.--Preferred and common stock of any corporation organized under the laws of the United States or of any commonwealth or...
- Section 7310.1 - Further Investment Authority
Unless a contrary intent is clearly expressed in the instrument, the authority to invest in specified types of investments will include authorization to invest...
- Section 7311 - Real Estate
Real estate located in Pennsylvania, other than ground rents, shall be an authorized investment if the court, upon petition, aided if necessary by the...
- Section 7312 - Ground Rent
A ground rent secured upon unencumbered improved real estate located within the Commonwealth shall be an authorized investment if the reserved annual rent, capitalized...
- Section 7313 - Interest-bearing Deposit
An interest-bearing deposit in any bank, bank and trust company, savings bank, or national banking association, located within the Commonwealth, shall be an authorized...
- Section 7314 - Common Trust Fund And Mortgage Investment Fund
Any corporate fiduciary and its co-fiduciary, if any, may invest in: (1) Common trust fund.--A common trust fund containing only investments authorized for fiduciaries,...
- Section 7314.1 - Mutual Funds
Notwithstanding that a bank or trust company or an affiliate provides services to the investment company or investment trust, including that of an investment...
- Section 7315 - Retention Of Investments
A fiduciary, if he exercises the same care and prudence as he would in the case of an authorized investment, may retain without liability...
- Section 7315.1 - Retention Of Cash; Temporary Investments
(a) Uninvested cash.--A fiduciary may hold cash uninvested: (1) which he reasonably expects to: (i) distribute to beneficiaries as income on a quarterly or...
- Section 7316 - Life Insurance, Building And Loan Shares, And Similar Assets
A fiduciary receiving in kind a contract of life insurance, stock in a building and loan association, or any similar asset providing for periodic...
- Section 7317 - Investments Which Become Unauthorized
A fiduciary may retain without liability for resulting loss any investment which was authorized when received or made although such investment no longer qualifies...
- Section 7318 - Court Direction
A fiduciary appointed by the court and not acting under a trust instrument, in addition to or in place of the investments authorized by...
- Section 7319 - Directions Of Testator Or Settlor
(a) General rule.--The testator or settlor in the instrument establishing a trust may prescribe the powers, duties and liabilities of the fiduciary regarding the...
Last modified: October 8, 2016