58-24a16. Investments by fiduciaries in certain corporations and organizations. - Kansas Statutes

58-24a16

Chapter 58.--PERSONAL AND REAL PROPERTY Part 6.--MISCELLANEOUS PROVISIONS Article 24a.--UNIFORM PRUDENT INVESTOR ACT

      58-24a16.   Investments by fiduciaries in certaincorporations and organizations.(a) Administrators, executors, conservators, trustees,insurance companiesand other financialinstitutions, charitable, educational, eleemosynary corporations andorganizations are authorized, in addition to investments now authorizedby law, to invest funds which they are authorized by law to invest, inshares or savings deposits of federally insured savings and loanassociations or federally chartered savings banks with main orbranchoffices, as defined in K.S.A. 12-1675a, and amendments thereto, inthe state of Kansas and in credit unionswhich are, in whole or in part, insured with an insurer or guaranteecorporationas required under K.S.A. 17-2246, and amendments thereto, and such investmentshallbe deemed and held to be legalinvestments for such funds.

      (b)   The governing body of any municipal corporation or quasi-municipalcorporation,county, township, school district, area vocational-technical school, communitycollege, firemen's relief association, community mental health center,communityfacility for the mentally retarded or any other governmental entity, unitor division in the state of Kansas having authority to receive, hold andexpend public moneys or funds may invest the same subject to and as provided byK.S.A. 9-1401, 9-1402, 9-1405, 9-1407, 12-1675and 12-1676 and amendments thereto.

      History:   L. 2001, ch. 75, § 1; July 1.