CHAPTER 264
SB 377 – FINAL VERSION
16Apr2008… 1127h
2008 SESSION
06/09
SENATE BILL 377
AN ACT relative to the application of the prudent investor rule to town trust funds.
SPONSORS: Sen. Burling, Dist 5; Sen. Hassan, Dist 23; Sen. Sgambati, Dist 4; Sen. Barnes, Dist 17
COMMITTEE: Public and Municipal Affairs
This bill extends the application of the prudent investor rule to town trust funds.
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
16Apr2008… 1127h
08-2652
06/09
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Eight
AN ACT relative to the application of the prudent investor rule to town trust funds.
Be it Enacted by the Senate and House of Representatives in General Court convened:
264:1 New Section; Application of Prudent Investor Rule. Amend RSA 31 by inserting after section 25-c the following new section:
31:25-d Application of Prudent Investor Rule. The trustees of trust funds may manage and invest such funds in accordance with the prudent investor rule under RSA 564-B:9-901 - RSA 564-B:9-906 without regard to the investment limitations of RSA 31:25 and RSA 31:25-a, provided, however, the trustees of trust funds:
I. Notify the attorney general in writing of their decision to invest according to the prudent investor rule; and
II. Hire or employ the trust department of a bank or a brokerage firm to provide investment advice and assistance under RSA 31:38-a, III.
264:2 Effective Date. This act shall take effect 60 days after its passage.
Approved: June 26, 2008
Effective Date: August 25, 2008