§ 26-40.2. Investments in municipal bonds by banks or trust companies
Subject to Article 2 (§ 26-45.3) and the common law duties of a fiduciary, unless the governing instrument or a court order specifically directs otherwise, a bank or trust company serving as personal representative, trustee, guardian, agent or in any other fiduciary capacity, may purchase during the existence of any underwriting or selling syndicate any state or municipal security otherwise authorized by this title in spite of the fact that such fiduciary, or an affiliate thereof under common ownership, participates or has participated as a member of a syndicate underwriting such security, if the fiduciary purchases the security from another syndicate member or from an affiliate thereof, and not from itself or any of its affiliates.
(1988, c. 347; 1999, c. 772.)
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