Authorized Investments

The endowment care funds shall be invested, reinvested and kept invested in:

(a)Bonds of the United States or of the government of Guam or any agency thereof;

(b)First mortgages on improved real estate; COL120106 CH. 55 CEMETERY FUND CONTROL

(c)To the extent to which shares or investment certificates are insured by the Federal Savings and Loan Insurance Corporation, in shares or investment certificates of any savings and loan association organized under the laws of Guam which is an "insured institution" as defined in Title IV of the National Housing Act;

(d)Deposit in a bank which is insured by the Federal Deposit Insurance Corporation.