South Carolina § 34-21-220 Collective investment of funds.

South Carolina Statutes

§ 34-21-220 — Collective investment of funds.

South Carolina § 34-21-220

Title 34BANKING, FINANCIAL INSTITUTIONS AND MONEY

Ch. 21BANKS AND CORPORATIONS DOING TRUST BUSINESS

This text of South Carolina § 34-21-220 (Collective investment of funds.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.C. Code Ann. § 34-21-220 (2026).

Text

Funds held by a trust institution may be invested collectively:

(1)In common trust funds maintained by the trust institution or its affiliate exclusively for the collective investment and reinvestment of monies contributed thereto by the trust institution or its affiliate in their capacities as executor, administrator, committee, guardian, or trustee under a will or deed;

(2)In a fund consisting solely of assets of retirement, pension, profit sharing, stock bonus, or other trusts which are exempt from Federal income taxation under the Internal Revenue Code;

(3)Under a managing agency agreement expressly providing that such moneys are received by the trust institution in trust;

(4)Moneys held by the trust institution in its capacity as managing agent shall not be invested in collective

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Funds held by a trust institution may be invested collectively: (1) In common trust funds maintained by the trust institution or its affiliate exclusively for the collective investment and reinvestment of monies contributed thereto by the trust institution or its affiliate in their capacities as executor, administrator, committee, guardian, or trustee under a will or deed; (2) In a fund consisting solely of assets of retirement, pension, profit sharing, stock bonus, or other trusts which are exempt from Federal income taxation under the Internal Revenue Code; (3) Under a managing agency agreement expressly providing that such moneys are received by the trust institution in trust; (4) Moneys held by the trust institution in its capacity as managing agent shall not be invested in collective investment funds established under items (1) or (2) of this section. Property held by the trust institution in its capacity as trustee of retirement, pension, profit sharing, stock bonus or other trusts which are exempt from Federal income taxation under the Internal Revenue Code may be invested in collective investment funds established under the provisions of items (1) or (2) of this section, subject to the provisions herein contained pertaining to such funds. Assets of retirement, pension, profit sharing, stock bonus or other trusts which are exempt from Federal income taxation under the Internal Revenue Code and held by the trust institution in whatever capacity, may be invested in collective investment funds established under the provisions of item (2) of this section.