Pennsylvania Act 1937-298 — SHARES LEGAL INVESTMENT, SAVINGS AND LOAN ASSOCIATIONS

Act text

SHARES LEGAL INVESTMENT, SAVINGS AND LOAN ASSOCIATIONS
                 Act of Jun. 2, 1937, P.L. 1183, No. 298              Cl. 07
                                  AN ACT

     Providing that investment in shares of Federal Savings and Loan
        Associations or shares of other institutions, insured under
        the Federal Savings and Loan Insurance Corporation, shall be
        legal investments for certain corporations and certain funds.

        Compiler's Note:  Section 21 of Act 544 of 1949 provided that
            Act 298 is repealed insofar as it applies to fiduciaries
            as defined in Act 544.
        Section 1.  Be it enacted, &c., That on and after the passage
     of this act, the investment by any title insurance company,
     stock fire insurance company, stock marine insurance company,
     stock fire and marine insurance company, stock casualty
     insurance company, stock life insurance company, mutual life
     insurance company, mutual fire insurance company; or the
     investment of funds of any State insurance fund, State school
     fund, firemen's relief and pension fund, police pension fund, or
     other pension fund; or the investment by any building and loan
     association; or by any administrative department, board,
     commissioner or officer of the State Government, authorized by
     law to make investments of funds in the custody or under the
     control of such department, board, commission, or officer,
     guardian, trustee or other fiduciary, school district or
     township, in shares of any Federal Savings and Loan Association
     or other institution within, and in the case of mutual life and
     mutual fire insurance companies within or outside, the
     Commonwealth, to the extent to which the withdrawal or
     repurchasable value of such shares now are, or may hereafter be,
     insured by the Federal Savings and Loan Insurance Corporation,
     under acts of Congress of the United States of America now in
     effect or which may hereafter be enacted shall be lawful.
        (1 amended Dec. 8, 1959, P.L.1717, No.631)
        Section 2.  The legality of such investment shall not be
     impugned whether the person, or persons, firm, or corporation,
     or association, board, or commission, making the same be foreign
     or domestic; or whether such investment be made from capital,
     reserves, or surplus; or whether made in a fiduciary or other
     capacity.
        Section 3.  All acts and parts of acts inconsistent herewith
     are hereby repealed.