§ 3-512. Limitations on investments and interests.
(a) Limitations on investments and interests.- Except as otherwise provided in this section, a trust company may not:
(1) Invest its own funds in a common trust fund that it administers; or
(2) Have any interest, other than its fiduciary interest, in the assets in a common trust fund that it administers.
(b) Withdrawal of interest.- If, because of a creditor relationship or otherwise, a trust company acquires an interest in a participation in a common trust fund that it administers, the participation shall be withdrawn on the next valuation date allowed by the fund plan.
(c) Permitted investments.- A trust company does not have a prohibited interest in the assets of a common trust fund that it administers merely because the trust company owns in its own right any stocks, bonds, or other obligations issued by a person from whom the fund also holds stocks, bonds, or other obligations.
§ 3-512. Limitations on investments and interests.
(a) Limitations on investments and interests.- Except as otherwise provided in this section, a trust company may not:
(1) Invest its own funds in a common trust fund that it administers; or
(2) Have any interest, other than its fiduciary interest, in the assets in a common trust fund that it administers.
(b) Withdrawal of interest.- If, because of a creditor relationship or otherwise, a trust company acquires an interest in a participation in a common trust fund that it administers, the participation shall be withdrawn on the next valuation date allowed by the fund plan.
(c) Permitted investments.- A trust company does not have a prohibited interest in the assets of a common trust fund that it administers merely because the trust company owns in its own right any stocks, bonds, or other obligations issued by a person from whom the fund also holds stocks, bonds, or other obligations.
§ 3-512. Limitations on investments and interests.
(a) Limitations on investments and interests.- Except as otherwise provided in this section, a trust company may not:
(1) Invest its own funds in a common trust fund that it administers; or
(2) Have any interest, other than its fiduciary interest, in the assets in a common trust fund that it administers.
(b) Withdrawal of interest.- If, because of a creditor relationship or otherwise, a trust company acquires an interest in a participation in a common trust fund that it administers, the participation shall be withdrawn on the next valuation date allowed by the fund plan.
(c) Permitted investments.- A trust company does not have a prohibited interest in the assets of a common trust fund that it administers merely because the trust company owns in its own right any stocks, bonds, or other obligations issued by a person from whom the fund also holds stocks, bonds, or other obligations.
