Code of the District of Columbia

§ 1–204.86. Legal investment.

Notwithstanding any restriction on the investment of funds by fiduciaries contained in any other law, all domestic insurance companies, domestic insurance associations, executors, administrators, guardians, trustees, and other fiduciaries within the District may legally invest any sinking funds, moneys, trust funds, or other funds belonging to them or under or within their control in any bonds issued pursuant to this subchapter, it being the purpose of this section to authorize the investment in such bonds or notes of all sinking, insurance, retirement, compensation, pension, and trust funds. National banking associations are authorized to deal in, underwrite, purchase and sell, for their own accounts or for the accounts of customers, bonds and notes issued by the Council to the same extent as national banking associations are authorized by paragraph 7 of § 5136 of the Revised Statutes (§ 24 of Title 12, United States Code ), to deal in, underwrite, purchase and sell obligations of the United States, states, or political subdivisions thereof. All federal building and loan associations and federal savings and loan associations; and banks, trust companies, building and loan associations, and savings and loan associations, domiciled in the District, may purchase, sell, underwrite, and deal in, for their own account or for the account of others, all bonds or notes issued pursuant to this subchapter. Nothing contained in this section shall be construed as relieving any person, firm, association, or corporation from any duty of exercising due and reasonable care in selecting securities for purchase or investment.


(Dec. 24, 1973, 87 Stat. 807, Pub. L. 93-198, title IV, § 486.)

Prior Codifications

1981 Ed., § 47-333.

1973 Ed., § 47-253.