6.1-195.85 - (Repealed effective October 1, 2010) Investment of funds and assets held as fiduciary. - Virginia Statutes

§ 6.1-195.85. (Repealed effective October 1, 2010) Investment of funds andassets held as fiduciary.

Funds and assets held by an association in a fiduciary capacity shall beinvested in accordance with the provisions of the governing instrument. Whensuch instrument does not specify the character or class of investments to bemade and does not vest in the association, its directors, or its officersabsolute and uncontrolled investment discretion in the matter, funds andassets held pursuant to such instrument shall be invested in any investmentin which fiduciaries may invest under the provisions of Chapter 3 (§ 26-38 etseq.) of Title 26. An association acting as fiduciary under appointment by acourt may likewise invest in any investments in which fiduciaries may investunder the provisions of Chapter 3 (§ 26-38 et seq.) of Title 26 unlessotherwise provided by order of the appointing court. Unless the governinginstrument or order establishing the fiduciary relationship providesotherwise, funds and assets held by an association in a fiduciary capacitymay also be invested in common trust funds and collective investment fundspursuant to the provisions of § 6.1-195.92.

(1984, c. 303.)