Colorado § 11-24-103 Exclusive management and control

Colorado Statutes

§ 11-24-103 — Exclusive management and control

Colorado·Title 11 Financial·Art. Uniform Common Trust Fund Act

Any bank or trust company
maintaining one or more common trust funds shall have the exclusive management
and control of each common trust fund administered by it and the sole right at any
time to sell, convert, exchange, transfer, or otherwise change or dispose of the
assets comprising same. Notwithstanding any other provision of law, such bank or
trust company may deposit investments of a common trust fund, which investments
are securities, with a clearing corporation or with a federal reserve bank pursuant to
part 5 of article 1 of title 15, C.R.S., for the account of the bank or trust company
and such investments shall be deemed for the purposes of this article to be in the
custody of such bank or trust company.

Free access — add to your briefcase to read the full text and ask questions with AI

Any bank or trust company
maintaining one or more common trust funds shall have the exclusive management
and control of each common trust fund administered by it and the sole right at any
time to sell, convert, exchange, transfer, or otherwise change or dispose of the
assets comprising same. Notwithstanding any other provision of law, such bank or
trust company may deposit investments of a common trust fund, which investments
are securities, with a clearing corporation or with a federal reserve bank pursuant to
part 5 of article 1 of title 15, C.R.S., for the account of the bank or trust company
and such investments shall be deemed for the purposes of this article to be in the
custody of such bank or trust company.

Colorado § 11-24-103 (Exclusive management and control) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: L. 47: p. 893, � 4. CSA: C. 18, � 176. CRS 53: � 14-10-3. C.R.S. 1963: � 14-18-3. L. 77: Entire section amended, p. 563, � 2, effective June 9.