Section 34: Common Fund for Nonprofit Organizations; membership; investments
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/ma/part-i/title-xi/chapter-68/34·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 34. Any organization organized under the laws of the commonwealth, if eligible for membership, may become a member of The Common Fund for Nonprofit Organizations, a New York nonprofit membership corporation authorized under section eight E of chapter twelve to operate in the commonwealth and organized to aid and strengthen such corporations, community chests, funds and foundations as are organized and operated exclusively for nonproprietary and nonprofit-making purposes and otherwise eligible for membership by providing means for the investment of their funds in shares or interests in one or more common funds.
Any such organization may, either as fiduciary or otherwise, and in addition to any other lawful investment, invest any part or all of the funds which it holds for investment in shares or interests in a common fund or funds established by The Common Fund for Nonprofit Organizations; provided, however, that in the case of funds held as fiduciary, such investment is not prohibited by the language of the will, deed or other instrument creating the fiduciary relationship.