CODE OF VIRGINIA

INVESTMENT OF FUNDS AND ASSETS HELD AS FIDUCIARY (§ 6.2-1088)

Funds and assets held by an association in a fiduciary capacity shall be
invested in accordance with the provisions of the governing instrument. When
such instrument does not specify the character or class of investments to be
made and does not vest in the association, its directors, or its officers
absolute and uncontrolled investment discretion in the matter, funds and assets
held pursuant to such instrument shall be invested in any investment in which
fiduciaries may invest under the provisions of Chapter 15 (§ 64.2-1500 et seq.)
of Title 64.2. An association acting as fiduciary under appointment by a court
may likewise invest in any investments in which fiduciaries may invest under the
provisions of Chapter 15 (§ 64.2-1500 et seq.) of Title 64.2 unless otherwise
provided by order of the appointing court. Unless the governing instrument or
order establishing the fiduciary relationship provides otherwise, funds and
assets held by an association in a fiduciary capacity may also be invested in
common trust funds and collective investment funds pursuant to the provisions of
§ 6.2-1095.

HISTORY: 1984, c. 303, § 6.1-195.85; 2010, c. 794.