2010 Code of Virginia
Title 6.2 - FINANCIAL INSTITUTIONS AND SERVICES.
Chapter 10 - Entities Conducting Trust Business. (6.2-1000 thru 6.2-1099)
6.2-1088 - (Effective October 1, 2010) Investment of funds and assets held as fiduciary.
§ 6.2-1088. (Effective October 1, 2010) Investment of funds and assets held as fiduciary.
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 3 (§ 26-38 et seq.) of Title 26. 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 3 (§ 26-38 et seq.) of Title 26 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.
(1984, c. 303, § 6.1-195.85; 2010, c. 794.)
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