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(a) When the board of trustees of a trust decides to invest trust moneys in negotiable securities, the board shall purchase the securities from reputable bonded dealers in those securities.
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(b) The board shall require the dealers to certify to the authenticity of the securities.
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(c) The securities shall be held in the office of the board of trustees or by the trust department of a commercial firm normally engaged in providing trust services.
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(d) The sale of negotiable securities shall require written authorization from at least two (2) board members, one being the board treasurer and the other the chair of the board.
