| 7 | 6 | | ANACT |
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| 8 | 7 | | Torepealsection214.160,RSMo,andtoenactinlieuthereofonenewsectionrelatingto |
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| 9 | 8 | | cemeterytrustfunds. |
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| 10 | 9 | | BeitenactedbytheGeneralAssemblyofthestateofMissouri,asfollows: |
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| 11 | 10 | | SectionA.Section214.160,RSMo,isrepealedandonenewsectionenactedinlieu |
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| 12 | 11 | | 2thereof,tobeknownassection214.160,toreadasfollows: |
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| 13 | 12 | | 214.160.1.Undersections214.140to214.180,andasotherwisenotprohibited |
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| 14 | 13 | | 2underArticleVI,Section23oftheConstitutionofMissouri,thecountycommissionmay |
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| 15 | 14 | | 3investorloansaidtrustfundorfundsinUnitedStatesgovernment,state,countyormunicipal |
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| 16 | 15 | | 4bonds,certificatesofdeposit,firstrealestatemortgages,ordeedsoftrustandmayutilize |
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| 17 | 16 | | 5investmentmanagerstoinvest,reinvest,andmanageassets,subjecttotheterms,conditions, |
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| 18 | 17 | | 6andlimitationsprovidedinthissectionandArticleIV,Section15oftheConstitutionof |
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| 19 | 18 | | 7Missouri.[They] Whensufficient,thecommissionshallusethenetincomefromsaidtrust |
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| 20 | 19 | | 8fundorfundsorsuchinvestmentsorsomuchthereofasisnecessarytosupportandmaintain |
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| 21 | 20 | | 9andbeautifyanypublicorprivatecemeteryoranyparticularpartthereofwhichmaybe |
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| 22 | 21 | | 10designatedbytheperson,personsorfirmorassociationmakingsaidgiftorbequest.Ifthe |
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| 23 | 22 | | 11netincomefromsaidtrustfundorfundsisnotsufficienttosupportandmaintainand |
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| 24 | 23 | | 12beautifyacemetery,thecommissionmayonlyuseasmuchoftheprincipalthereofas |
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| 25 | 24 | | 13thecommissiondeemsnecessaryforthepurposeofthebasicmaintenancetocontrolthe |
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| 26 | 25 | | 14growthofgrassandweeds.Inmaintainingorsupportingthecemeteryoranyparticularpart |
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| 27 | 26 | | 15orportionthereofthecommissionshallasnearlyaspossiblefollowtheexpressedwishesof |
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| 28 | 27 | | 16thecreatorofsaidtrustfund. |
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| 29 | 28 | | EXPLANATION—Matterenclosedinbold-facedbrackets[thus] intheabovebillisnotenactedandis |
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| 30 | 29 | | intendedtobeomittedfromthelaw.Matterinbold-facetypeintheabovebillisproposedlanguage. 17 2.Aninvestmentmanagershalldischargehisorherdutiesintheinterestofthepublic |
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| 31 | 30 | | 18orprivatecemeteryandtheinterestoftheperson,persons,orfirmmakingthegiftorbequest |
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| 32 | 31 | | 19andshall: |
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| 33 | 32 | | 20 (1)Actwiththesamecare,skill,prudence,anddiligenceunderthecircumstances |
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| 34 | 33 | | 21thenprevailingthataprudentpersonactinginasimilarcapacityandfamiliarwiththose |
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| 35 | 34 | | 22matterswoulduseintheconductofasimilarenterprisewithsimilaraims; |
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| 36 | 35 | | 23 (2)Actwithdueregardforthemanagement,reputation,andstabilityoftheissuerand |
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| 37 | 36 | | 24thecharacteroftheparticularinvestmentsbeingconsidered; |
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| 38 | 37 | | 25 (3)Makeinvestmentsforthepurposeofsupporting,maintaining,andbeautifyingany |
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| 39 | 38 | | 26publicorprivatecemeteryoranyparticularpartthereof,whichmaybedesignatedbythe |
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| 40 | 39 | | 27person,persons,orfirmorassociationmakingsaidgiftorbequest,andofdefraying |
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| 41 | 40 | | 28reasonableexpensesofinvestingtheassets; |
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| 42 | 41 | | 29 (4)Giveappropriateconsiderationtothosefactsandcircumstancesthatthe |
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| 43 | 42 | | 30investmentfiduciaryknowsorshouldknowarerelevanttotheparticularinvestmentor |
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| 44 | 43 | | 31investmentcourseofactioninvolved,includingtheroletheinvestmentorinvestmentcourse |
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| 45 | 44 | | 32ofactionplaysinthatportionoftheinvestmentsforwhichtheinvestmentfiduciaryhas |
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| 46 | 45 | | 33responsibility.Forpurposesofthissubdivision,"appropriateconsideration"shallinclude,but |
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| 47 | 46 | | 34isnotlimitedto,adeterminationbytheinvestmentfiduciarythataparticularinvestmentor |
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| 48 | 47 | | 35investmentcourseofactionisreasonablydesignedtofurtherthepurposesofsupporting, |
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| 49 | 48 | | 36maintaining,andbeautifyinganypublicorprivatecemeteryoranyparticularpartthereof, |
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| 50 | 49 | | 37whichmaybedesignatedbytheperson,persons,orfirmorassociationmakingsaidgiftor |
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| 51 | 50 | | 38bequest,whileconsideringtheriskoflossandtheopportunityforgainorotherreturn |
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| 52 | 51 | | 39associatedwiththeinvestmentorinvestmentcourseofactionandconsideringthefollowing |
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| 53 | 52 | | 40factorsastheyrelatetotheinvestmentorinvestmentcourseofaction: |
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| 54 | 53 | | 41 (a)Thediversificationoftheinvestments; |
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| 55 | 54 | | 42 (b)Theliquidityandcurrentreturnoftheinvestmentsrelativetotheanticipatedcash |
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| 56 | 55 | | 43flowrequirements;and |
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| 57 | 56 | | 44 (c)Theprojectedreturnoftheinvestmentsrelativetothefundingobjectives;and |
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| 58 | 57 | | 45 (5)Giveappropriateconsiderationtoinvestmentsthatwouldenhancethegeneral |
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| 59 | 58 | | 46welfareofthisstateanditscitizensifthoseinvestmentsofferthesafetyandrateofreturn |
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| 60 | 59 | | 47comparabletootherinvestmentsavailabletotheinvestmentfiduciaryatthetimethe |
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| 61 | 60 | | 48investmentdecisionismade. |
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| 62 | 61 | | 49 3.Asusedinthissection,"invest"or"investment"meansutilizationofmoneysinthe |
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| 63 | 62 | | 50expectationoffuturereturnsintheformofincomeorcapitalgain. |
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| 64 | 63 | | âś” |
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| 65 | 64 | | HB2143 2 |
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