Any Indiana bank or trust company or any
national bank, qualified to act as fiduciary in this state, may establish
common trust funds in conformity with the provisions of Section 584
of the Internal Revenue Code, and the regulations promulgated
thereunder, pertaining to the collective investment and reinvestment of
trust funds by such banks and companies as fiduciaries or
co-fiduciaries, and may lawfully purchase with funds which it holds for
investment as such fiduciary or co-fiduciary participating interests in
such common trust funds, if:
(1)such investment is not prohibited by the instrument or
judgment creating such fiduciary relationship; and
(2)in any case where it is a co-fiduciary, the bank or trust
company procures the written consent of its co-fiduciary to such
investment. Suc
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Any Indiana bank or trust company or any
national bank, qualified to act as fiduciary in this state, may establish
common trust funds in conformity with the provisions of Section 584
of the Internal Revenue Code, and the regulations promulgated
thereunder, pertaining to the collective investment and reinvestment of
trust funds by such banks and companies as fiduciaries or
co-fiduciaries, and may lawfully purchase with funds which it holds for
investment as such fiduciary or co-fiduciary participating interests in
such common trust funds, if:
(1) such investment is not prohibited by the instrument or
judgment creating such fiduciary relationship; and
(2) in any case where it is a co-fiduciary, the bank or trust
company procures the written consent of its co-fiduciary to such
investment. Such consent is hereby authorized.
Formerly: Acts 1949, c.70, s.2. As amended by P.L.2-1987,
SEC.44.