Except as it may be modified by law with respect to particular trusts, the standard of prudence used by the Town of Barnstable shall be the "prudent person standard” and shall be applied in the context of managing the trusts. The prudent person rule is restated below: In acquiring, investing, reinvesting, exchanging, retaining, selling and managing property of any trust heretofore or hereafter created, the Town of Barnstable will exercise the judgment and care under the circumstances then prevailing which persons of prudence, discretion and intelligence exercise in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety for their capital. Specific procedures describing the Town's prudence and ethical standards are found in Article II, Code of Ethics, of the Administrative Policies and Procedures.
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