§ 633.123A — Investments in investment companies and investment trusts

Iowa § 633.123A

• Jurisdiction: Iowa
• Title XV: JUDICIAL BRANCH AND JUDICIAL PROCEDURES
• Ch. 633: PROBATE CODE

Text

1. a. Notwithstanding any other provision of law, a bank or trust company acting as a
fiduciary, in addition to other investments authorized by law for the investment of funds
by a fiduciary or by the instrument governing the fiduciary and in the exercise of its
investment discretion or at the direction of another person authorized to direct investment
of funds held by the fiduciary, may invest and reinvest such funds in the securities of an
open-end or closed-end management investment company or investment trust registered
under the federal Investment Company Act of 1940, 15 U.S.C. §80a-1 et seq. Investment
and reinvestment under this section is allowed as long as the portfolio of such investment
company or investment trust consists substantially of investments not otherwise prohibited
by chapter 633A, subchapter IV, part 3, or by the governing instrument.
b. Investment and reinvestment under this section is not precluded merely because the
bank or trust company or an affiliate of the bank or trust company provides the services of

an investment advisor, custodian, transfer agent, registrar, sponsor, distributor, or manager
to the investment company or investment trust and receives a reasonable fee for the services.
2. This section is applicable to all fiduciaries whether the will, agreement, or other
instrument under which they are acting now exists on or before July 1, 1996.