CHAPTER 252

WILMINGTON PARK TRUST FUND COMMISSION

AN ACT TO AMEND CHAPTER 117, VOLUME 40, LAWS OF DELAWARE, BEING ENTITLED "AN ACT ESTABLISHING A WILMINGTON PARK TRUST FUND COMMISSION" BY AMENDING SECTIONS 3, 4 AND 6 THEREOF.

Be it enacted by the General Assembly of the State of Delaware (two-thirds of all the Members elected to each Branch thereof concurring therein):

Section 1. Section 3, Chapter 117, Volume 40, Laws of Delaware, is amended by striking out of said section the words: ". . . prior to July 1, 1935,".

Section 2. Section 4, Chapter 117, Volume 40, Laws of Delaware, is amended by repealing the following sentence thereof:

The Wilmington Park Trust Fund Commissioners shall organize during the month of July, 1935, by the election of a president and a vice-president, who shall be members of the commission, and a secretary and a treasurer, who may or may not be members of the commission.

and by substituting in lieu thereof the following new sentence:

The Wilmington Park Trust Fund Commissioners shall organize during the month of July, in each year, by the election of a president and a vice-president, who shall be members of the commission, and a secretary and a treasurer, who may or may not be members of the commission.

Section 3. Section 6, Chapter 117, Volume 40, Laws of Delaware, is amended by repealing the following sentence thereof:

The Commission shall, except when otherwise specified, preserve and invest the proceeds thereof in notes or bonds secured by good and sufficient mortgage or other securities.

and by substituting in lieu thereof the following new sentence:

In investing, reinvesting, retaining, selling and managing property so devised, given, or bequeathed, the commission shall, except to the extent otherwise expressly provided in the instrument making such devise, gift or bequest, be governed by the provisions of Sections 3302 and 3304, Title 12, Delaware Code, relating to investment standards and powers of fiduciaries, and to retention by fiduciaries of decedent's or settlor's investments.

Approved July 22, 1957.