§ 18-5-1. Establishment by banks and trust companies authorized.
(a) Any trust company or national banking association qualified to act as a fiduciary
in this state may establish one or more common trust funds for the purpose of investment
and reinvestment of money received and held by the trust company or national banking
association as fiduciary or cofiduciary, and as the fiduciary or cofiduciary it may
invest funds which it lawfully holds for investment in interests or participations
in one or more common trust funds established by it, if the investment is not expressly
prohibited by the instrument, judgment, decree, or order creating the
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§ 18-5-1. Establishment by banks and trust companies authorized.
(a) Any trust company or national banking association qualified to act as a fiduciary
in this state may establish one or more common trust funds for the purpose of investment
and reinvestment of money received and held by the trust company or national banking
association as fiduciary or cofiduciary, and as the fiduciary or cofiduciary it may
invest funds which it lawfully holds for investment in interests or participations
in one or more common trust funds established by it, if the investment is not expressly
prohibited by the instrument, judgment, decree, or order creating the fiduciary relationship
and if, in the case of cofiduciaries, it procures the consent of its cofiduciary or
cofiduciaries to the investment.
(b) Any trust company or national banking association qualified to act as a fiduciary
in this state may invest funds which it holds in a fiduciary or cofiduciary capacity
in any common trust fund established by any affiliate, if the investment is not expressly
prohibited by the instrument, judgment, decree, or order creating the fiduciary relationship
and if, in the case of cofiduciaries, it procures the consent of its cofiduciary or
cofiduciaries to the investment.