CHAPTER 19

COURT OF CHANCERY

RELATING TO INVESTMENTS OF TRUSTEES, GUARDIANS AND OTHER FIDUCIARIES

AN ACT TO AMEND CHAPTER 117, REVISED CODE OF DELAWARE, 1935, AS AMENDED, RELATING TO INVESTMENTS OF TRUSTEES, GUARDIANS AND OTHER FIDUCIARIES.

Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met:

Section 1. That Chapter 117 of the Revised Code of Delaware, 1935, as amended be and the same is hereby further amended by striking out and repealing all of sub-division (c) of 4401. Sec. 35. thereof and enacting and inserting in lieu thereof the following, to wit:

4401. Sec. 35 (c). Nothing contained in this Section 35 shall be construed as authorizing any departure from, or variation of, the express terms or limitations set forth in any will, agreement, court order or other instrument creating or defining the fiduciary's duties and powers, but the terms "legal investment" or "authorized investment" or words of similar import, as used in any such instrument, shall be taken to mean any investment which is permitted by the terms of sub-division (b) of this Section 35, and a power granted a bank or trust company authorized to act in a fiduciary capacity and acting in such capacity generally to retain property either owned by the testator at the time of his death or transferred by the settlor to the trustee shall be as effective to authorize such bank or trust company to retain shares of stock of such bank or trust company either owned by the testator at the time of his death or transferred by the settlor to the trustee as if the trust instrument expressly so provided.