SENATE BILL NO. 116
AN ACT TO AMEND TITLE 12 SECTION 3302 OF THE DELAWARE CODE, RELATING TO INVESTMENT OF FIDUCIARIES.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE :
Amend Title 12 of the Delaware Code by adding a new subsection (g) to Section 3302 to read as follows:
“(g) A fiduciary is authorized, in the absence of an express provision to the contrary, whenever a law, regulation, governing instrument or order directs, requires, authorizes or permits investment in United States government obligations, to invest in those obligations, either directly or in the form of securities of, or other interests in, any open-end or closed end management investment company or investment trust registered under the ‘Investment Company Act of 1940,’ 54 Stat. 847 (15 U.S.C. §80a-1 et seq.), if the portfolio of that investment company or investment trust is limited to United States government obligations and to repurchase agreements fully collateralized by United States government obligations, which collateral shall be delivered to or held by the investment company or investment trust, either directly or through an authorized custodian.”
Approved June 14,1999