§ 2-3-402 — Authority to establish; purpose

(a) Any bank or trust company qualified to act as
fiduciary in this state may establish and administer common
trust funds composed of property permitted by law for investment
in trust funds for the purpose of furnishing investments to:
(i) Itself as fiduciary;
(ii) Itself and others as cofiduciaries;
(iii) Any affiliated bank or trust company including
any foreign affiliated bank or trust company as fiduciary;
(iv) Any affiliated bank or trust company including
any foreign affiliated bank or trust company and others as
cofiduciaries; or
(v) Any combination of the entities listed in
paragraphs (i) through (iv) of this subsection.
(b) Any bank or trust company may as fiduciary or
cofiduciary invest funds which it lawfully holds for investment
in interests in common trust funds administered by itself or by
any affiliated bank or trust company, if such investment is not
prohibited by the instrument, judgment, decree, order, or
statute creating or governing the fiduciary relationship, and
if, in the case of a cofiduciary, the bank or trust company
procures the consent of its cofiduciary in such investment.