South Carolina Statutes
§ 34-21-310 — Limitation on interest of any one participant in collective investment fund.
South Carolina·Title 34 BANKING, FINANCIAL INSTITUTIONS AND MONEY·Ch. 21 BANKS AND CORPORATIONS DOING TRUST BUSINESS
Except in the case of collective investment funds described in Section 34-21-220(2), no funds or other property shall be invested in a participation in a collective investment fund if as a result of such investment the participant would have an interest aggregating in excess of ten percent of the then market value of the fund. Provided, that in applying this limitation, if two or more accounts are created by the same person or persons and as much as one half of the income or principal of each account is payable or applicable to the use of the same person or persons such accounts shall be considered as one.
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South Carolina § 34-21-310 (Limitation on interest of any one participant in collective investment fund.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1962 Code SECTION 8-595; 1955 (49) 538; 1965 (54) 608; 1969 (56) 283.
Nearby Sections
15
§ 34-21-20
Examination; rules and regulations.§ 34-21-210
Definitions.§ 34-21-220
Collective investment of funds.§ 34-21-230
Written plan for fund.§ 34-21-240
Amendments to plan.§ 34-21-250
Management, control, and ownership of fund.§ 34-21-260
Propriety of investments in fund.§ 34-21-280
Collective investment fund may be considered as a whole in determining propriety of investment.§ 34-21-320
Making and withdrawing investments.