2010 Pennsylvania Code
Title 20 - DECEDENTS, ESTATES AND FIDUCIARIES
Chapter 73 - Municipalities Investments
7307 - Corporate bonds.

     § 7307.  Corporate bonds.
        (a)  In general.--Any interest-bearing obligation, including
     bonds, notes, debentures, and car-trust certificates, issued,
     guaranteed, or assumed by, a corporation organized under the
     laws of the United States, of any commonwealth or state thereof,
     or of the District of Columbia, shall be an authorized
     investment if purchased or retained in the exercise of that
     degree of judgment and care, under the circumstances then
     prevailing, which men of prudence, discretion and intelligence
     exercise in the management of their own affairs, not in regard
     to speculation, but in regard to the permanent disposition of
     their funds, considering the probable income to be derived
     therefrom as well as the probable safety of their capital.
        (b)  Definition.--As used in this section "corporation" shall
     include a voluntary association, a joint-stock association or
     company, a business trust, a Massachusetts trust, a common-law
     trust, a municipal or quasi-municipal corporation by whatever
     name called, and any other organization organized and existing
     for any lawful purpose and which, like a corporation, continues
     to exist notwithstanding changes in the personnel of its members
     or participants, and conducts its affairs through a committee, a
     board, or some other group acting in a representative capacity.