Section 19-4A-6 Compensation. - Alabama Statutes

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Section 19-4A-6

Compensation.

In the absence of specific instructions in the governing document, the fiduciary may receive compensation for the investment of idle funds by netting said compensation from the yield of the investment; provided, however, that disclosure of the compensation (expressed as a percentage of asset value or otherwise) is made to the current income beneficiary by mailing separate notice (by prospectus, statement, letter or otherwise) to the current income beneficiary's last known address.

(Acts 1991, No. 91-129, p. 163, §1(f).)

State Codes and Statutes

Statutes > Alabama > Title19 > Chapter4A > 19-4A-6

Section 19-4A-6

Compensation.

In the absence of specific instructions in the governing document, the fiduciary may receive compensation for the investment of idle funds by netting said compensation from the yield of the investment; provided, however, that disclosure of the compensation (expressed as a percentage of asset value or otherwise) is made to the current income beneficiary by mailing separate notice (by prospectus, statement, letter or otherwise) to the current income beneficiary's last known address.

(Acts 1991, No. 91-129, p. 163, §1(f).)

State Codes and Statutes

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State Codes and Statutes

Statutes > Alabama > Title19 > Chapter4A > 19-4A-6

Section 19-4A-6

Compensation.

In the absence of specific instructions in the governing document, the fiduciary may receive compensation for the investment of idle funds by netting said compensation from the yield of the investment; provided, however, that disclosure of the compensation (expressed as a percentage of asset value or otherwise) is made to the current income beneficiary by mailing separate notice (by prospectus, statement, letter or otherwise) to the current income beneficiary's last known address.

(Acts 1991, No. 91-129, p. 163, §1(f).)