Section 18: Investment committee; powers and duties
122 words·~1 min read·
/ma/part-i/title-xxii/chapter-171/18·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 18. Investments authorized by section sixty-seven and other applicable sections may be made by the investment committee and a report of any such investments shall be submitted to the board of directors at its regular meeting next following the date upon which any such investment was made in such form as the directors may require and such report and any action taken by the board thereon, shall be made part of the records of such meeting.
The investment committee shall hold meetings not less than once in each month. The investment committee may reasonably delegate its duties to employees in accordance with written investment policies that establish appropriate limits and standards and that are consistent with safe and sound banking practices.