Loading chat...
MS HB1058
Bill
Status
6/9/2020
Primary Sponsor
Henry Zuber
Click for details
AI Summary
-
Authorizes hospitals to maintain trust funds consisting of pooled or commingled funds from other hospitals that do not share common ownership or management.
-
Permits trust fund portfolios to include stocks (common and preferred), convertible securities, and investment company shares, subject to specific restrictions including a maximum investment of 30% of total hospital funds invested.
-
Requires individual stock investments to not exceed 3% of total trust fund dollars and 5% of any single corporation's outstanding stock, with stocks limited to companies with minimum market value of $250 million listed on national exchanges.
-
Mandates that trust funds be managed by entities with trust powers or by investment advisers registered with the Securities and Exchange Commission, acting as fiduciaries.
-
Effective July 1, 2020.
Legislative Description
Trust fund; authorize hospitals to maintain fund consisting of commingled funds of other hospitals for necessary expenses.
Last Action
Died In Committee
6/9/2020