The principal sum of such funds shall be invested in bonds of the United States or the State of Vermont, or in the bonds or in notes issued in anticipation of taxes and authorized by vote of any town, village, or city in this State, or loaned upon first mortgage on real estate in this State a sum not in excess of 60 percent of the value of such real estate, or upon collateral of any of the above securities of equal value with the loan, or in shares of a savings and loan association of this State or share accounts of a federal savings and loan association with its principal office in this State and to the extent to which the withdrawal or repurchase value of such shares or accounts may be insured by the Federal Savings and Loan Insurance Corporation, or stock in a federal bank, a safe deposit company, or a national bank or state bank or trust company organized and doing business in the United States. Up to 35 percent of the association's assets may be invested in common or preferred stocks of corporations organized and existing under the laws of any state of the United States of America, or may be invested in the manner required for the investment of trust funds, unless otherwise authorized by the donor. No assets of the association may be loaned to a member, officer, trustee, or director of any such cemetery agency. (Amended 1979, No. 144 (Adj. Sess.).)