9-1611. Bank or trust company acting as fiduciary may deal in manner authorized by instrument with company having control of bank or trust company.
9-1611
9-1611. Bank or trust company acting as fiduciary may deal in manner
authorized by instrument with company having control of bank or trust
company.
Whenever the governing instrument of any trust authorizes a bank or
trust company acting as fiduciary to either:
(a) Hold as a trust investment its own stock or obligations, or property
acquired from itself; or
(b) sell or transfer, by loan or otherwise, property held as fiduciary
to itself; or
(c) purchase for investment the stock or obligations of, or property
from, itself; such instrument shall also be deemed to authorize such bank
or trust company to deal in any manner described above, with any company
which has or acquires control of such bank or trust company.
History: L. 1973, ch. 49, § 1; July 1.