§412:8-402  Common trust fund investments.  (a) 
As used in this chapter the term "common trust funds" shall have the
same meaning as under section 584 of the Internal Revenue Code of 1986, as the
same may be hereafter amended, and shall also include any other type of
collective investment fund which is exempt from federal income taxation under
any other provision or regulation of the Code, or rule issued by the Internal
Revenue Service or Department of Treasury.



(b)  A trust company may establish one or more
common trust funds for the collective investment and reinvestment of moneys
contributed thereto by it as fiduciary, and by it and others as co-fiduciaries;
and the trust company and its co-fiduciaries may invest funds held as trustee,
guardian, or in any other fiduciary capacity in which it or they shall be
authorized to invest funds, in any common trust fund, if the investment is not
expressly forbidden by the instrument, decree, or order creating the fiduciary
relationship.  Common trust funds may be invested and reinvested in those
investments in which trust companies are authorized to invest trust funds.



(c)  The statutes, rules, regulations,
interpretations or court decisions governing common trust funds of national
banking associations, as they may be amended from time to time, shall also
govern common trust funds of a trust company. [L 1993, c 350, pt of §1]