Section 64D: Corporation; investments
188 words·~1 min read·
/ma/part-i/title-xvi/chapter-111/64dA research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 64D. The trustees shall be a corporation for the purpose of taking and holding, by them and their successors, in the name of the commonwealth, and in accordance with the terms thereof, any grant or devise of land or any gift or bequest of money or other personal property made for the use or benefit of the hospital or its patients. The trustees shall also receive all payments and third party reimbursements, including the entire payments, both state and federal, made pursuant to Title XVIII and Title XIX of the Social Security Act, for patient care as provided in section sixty-four E.
The trustees may invest any such gifts, payments or reimbursements in any investment as is legal for savings banks in the commonwealth. For said purposes, the trustees may employ such agents as it may from time to time determine to be wise and proper, including any trust company or other corporation authorized by law to administer trusts and may from funds received as aforesaid or the income thereof pay such expenses as may be necessary for the prudent administration of such gifts, payments or reimbursements.