In the absence of any express provisions to the contrary, whenever any general statute, special act, regulation, trust indenture, will or other instrument governing the investment powers of trustees directs, requires, authorizes or permits investment in United States government obligations, a trustee may invest in and hold such obligations, either directly or in the form of interests in an investment company or investment trust registered under the Investment Company Act of 1940, (15 USC, § 80a-1 et seq.) as from time to time amended, the portfolio of which is limited to United States government obligations and to repurchase agreements fully collateralized by any such obligations, and which is rated within the top two rating categories of any nationally recognized rating service.

Terms Used In Connecticut General Statutes 36a-353

  • Company: means any corporation, joint stock company, trust, association, partnership, limited partnership, unincorporated organization, limited liability company or similar organization, but does not include (A) any corporation the majority of the shares of which are owned by the United States or by any state, or (B) any trust which by its terms shall terminate within twenty-five years or not later than twenty-one years and ten months after the death of beneficiaries living on the effective date of the trust. See Connecticut General Statutes 36a-2
  • Statute: A law passed by a legislature.
  • Trustee: A person or institution holding and administering property in trust.
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