9-1609. Fiduciary may establish trust funds; rules and regulations.
9-1609
9-1609. Fiduciary may establish trust funds; rules and regulations.
Any state or national bank or trust company qualified to act as
fiduciary in this state may establish common trust funds for the purpose of
furnishing investments to itself as fiduciary, or to itself and others, as
cofiduciaries
or to another state or national bank or trust company, as fiduciary,
which is a subsidiary of the same bank holding company of which it is a
subsidiary, as such terms are defined in K.S.A. 9-519, and
amendments thereto; and
any state or national bank or trust company qualified to act as fiduciary
in this state
may, as such fiduciary or cofiduciary, invest funds
which it lawfully holds for investment in interests in such common trust
funds, if such investment is not prohibited by the instrument, judgment,
decree or order creating such fiduciary relationship, and if, in the case
of cofiduciaries, the bank or trust company procures the consent of its
cofiduciaries to such investment. The state banking board is hereby
authorized to adopt rules and regulations for a plan of operation for the
management of funds for state banks and trust companies.
History: L. 1951, ch. 123, § 1;
L. 1986, ch. 56, § 3; May 22.