Regl. 3215, art. 6
Trustee Management The
Length: 243 wordsOfficial source
Cite as Reglamento Núm. 3215, Art. 6
Trustee shall invest and reinvest the principal
and income of the Fund and keep the Fund
invested as a single fund, without distinction
between principal and income. in accordance
with general investment policies and
guidelines which the Grantor may
communicate in writing to the Trustee from
time to time. subject. however. to the
provisions of this Section. In investing.
reinvesting. exchanging. selling. and
managing the Fund. the Trustee shall
discharge his duties with respect to the trust
fund solely in the interest of the beneficiary
and with the care, skill. prudence. and
diligence under the circumstances then
prevailing which persons of prudence. acting
in a like capacity and familiar with such
matters. would use in the conduct of an
enterprise of a like character and with like
aims: except that:
[i] Securities or other obligations of the
Grantor, or any other owner or operator of
the facilities. or any of their affiliates as
defined in the Investment Company Act of
1940, as amended. 15 U.S.C. 80a-2.(a). shall
not be acquired or held. unless they are
securities or other obligations of the Federal
or B State government:
(ii) The Trustee is authorized to invest the
Fund in time or demand deposits of the
Trustee. to the extent insured by an agency of
the Federal or State government; and
(iii) The Trustee is authorized to hold cash
awaiting investment or distribution
uninvested for a reasonable time and without
liability for the payment of interest thereon.