§ 11.5-37. Responsibility.

Latest version.

(a)

The investment of funds shall be managed by the town clerk and may be accomplished by the selection of an investment manager(s). The selection must be approved by the town in accordance with the criteria established by the town. The investment manager(s) must acknowledge in writing his obligations as a fiduciary responsible for the investment of the town's assets.

(b)

Prospective investment managers shall be registered investment advisors with the Securities and Exchange Commission under the Investment Act of 1940 or bank trust departments regulated by the Office of the Comptroller of the Currency.

(Ord. No. 1996-4, 6-11-96)

                    
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