(i) The term "income" shall mean a percentage of the
value of the assets so held by or for the corporation.
(ii) The board of directors or other body shall in
a writing maintained as part of the permanent records of
the corporation annually select a percentage and
determine that it is consistent with the long-term
preservation of the real value of the assets, but in no
event shall the percentage:
(A) except as set forth in clause (B), be less
than 2% nor more than 7% per year[.]; or
(B) be less than 2% nor more than 10% for:
(I) each calendar year during which the
proclamation of disaster emergency issued by the
Governor on March 6, 2020, published at 50 Pa.B.
1644 (March 21, 2020), and any renewal of the
state of disaster emergency, is in effect; and
(II) the succeeding calendar year.
(1) UNLESS OTHERWISE SPECIFICALLY DIRECTED IN THE TRUST
INSTRUMENT, THE BOARD OF DIRECTORS OR OTHER BODY MAY ELECT TO
BE GOVERNED BY THIS SUBSECTION WITH RESPECT TO ASSETS THUS
RECEIVED, INCLUDING ANY PARTICIPATION IN ANY COMMON TRUST
FUND.
(2) TO MAKE AN ELECTION UNDER THIS SUBSECTION, THE BOARD
OF DIRECTORS OR OTHER BODY SHALL ADOPT AND FOLLOW AN
INVESTMENT POLICY SEEKING A TOTAL RETURN FOR THE ASSETS HELD
BY THE CORPORATION OR IN THE NAME OF A NOMINEE OF THE
CORPORATION OR BY AN INSTITUTIONAL TRUSTEE PURSUANT TO
SECTION 5549 (RELATING TO TRANSFER OF TRUST OR OTHER ASSETS
TO INSTITUTIONAL TRUSTEE), WHETHER THE RETURN IS TO BE
DERIVED FROM CAPITAL APPRECIATION, EARNINGS OR DISTRIBUTIONS
20200HB2484PN3804 - 2 -
<--
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30