Such contracts may be issued on the life of a ward or beneficiary of a trust fund, and shall be so drawn by the insuring company so that the proceeds, or avails thereof shall be the sole property of the person whose funds are invested.
Added by Laws 1947, p. 347, § 2. Renumbered from Title 58, § 816.2 by Laws 1988, c. 329, § 134, eff. Dec. 1, 1988. Amended by Laws 1990, c. 323, § 22, operative July 1, 1990.