§ 19-3.1-2 Power to hold and investassets. – (a) Every financial institution subject to this chapter shall have the power:
(1) To receive and hold money in trust or upon any terms andconditions agreed upon, and to allow the interest upon it;
(2) To receive and hold money, bonds, notes, mortgages,certificates of stock, and other securities, held in a fiduciary capacity;interest on funds received and held may be paid at any rates obtained or agreedupon;
(3) To receive and execute all trusts which may be created ortransferred to it by the decree of any court, and to receive all funds that maybe deposited with it by an order of any court, upon any terms agreed upon; andevery court into which funds may be paid by parties to any proceeding therein,or may be brought by order or judgment, may by order direct the funds to bedeposited with the financial institution. The financial institution shall notbe required to accept or execute any trust without its written consent;
(4) In the absence of an express provision to the contrary inthe instrument, judgment, decree, or order creating a trust or other fiduciaryrelationship, to purchase for the fiduciary estate, or to advise others,including any investment company or investment trust, to purchase, directlyfrom underwriters of distributors or in the secondary market, bonds or othersecurities that are underwritten or distributed by the financial institution oran affiliate or by any syndicate that includes the financial institution or anaffiliate and securities of any investment company or investment trust forwhich the financial institution or any affiliate acts as adviser, distributor,transfer agent, registrar, sponsor, manager, shareholder servicing agent orcustodian in return for reasonable compensation; provided, however, that:
(i) Nothing in this subsection shall affect the degree ofprudence required of fiduciaries generally under the common law of the state;and
(ii) Any bonds or securities so purchased shall havesufficient liquidity and quality to satisfy the principles of fiduciaryinvestment; provided, further, that
(A) Any financial institution purchasing bonds or othersecurities underwritten or distributed by the financial institution or anaffiliate or by any syndicate which includes the financial institution or anaffiliate shall, in any written communication or account statement reflectingthe purchase, disclose the fact that it or an affiliate may have an interest inthe underwriting or distribution of the bonds or securities and any capacitiesin which it or an affiliate acts for the issuer of the securities; and
(B) Any financial institution purchasing securities of anyinvestment company or investment trust for which the financial institution orany affiliate acts as advisor, distributor, transfer agent, registrar, sponsor,manager, shareholder servicing agent, or custodian shall disclose the provisionof the stated services, and the receipt of compensation for services, annuallyby mailing a prospectus, statement, or letter describing the services to thelast known address of each person to whom statements for the fiduciary estateare rendered.
(b) For the purposes of this section, the term "financialinstitution" shall include insured-deposit-taking institutions duly organizedunder the laws of the United States and empowered to exercise trust powers.
§ 19-3.1-2 Power to hold and investassets. – (a) Every financial institution subject to this chapter shall have the power:
(1) To receive and hold money in trust or upon any terms andconditions agreed upon, and to allow the interest upon it;
(2) To receive and hold money, bonds, notes, mortgages,certificates of stock, and other securities, held in a fiduciary capacity;interest on funds received and held may be paid at any rates obtained or agreedupon;
(3) To receive and execute all trusts which may be created ortransferred to it by the decree of any court, and to receive all funds that maybe deposited with it by an order of any court, upon any terms agreed upon; andevery court into which funds may be paid by parties to any proceeding therein,or may be brought by order or judgment, may by order direct the funds to bedeposited with the financial institution. The financial institution shall notbe required to accept or execute any trust without its written consent;
(4) In the absence of an express provision to the contrary inthe instrument, judgment, decree, or order creating a trust or other fiduciaryrelationship, to purchase for the fiduciary estate, or to advise others,including any investment company or investment trust, to purchase, directlyfrom underwriters of distributors or in the secondary market, bonds or othersecurities that are underwritten or distributed by the financial institution oran affiliate or by any syndicate that includes the financial institution or anaffiliate and securities of any investment company or investment trust forwhich the financial institution or any affiliate acts as adviser, distributor,transfer agent, registrar, sponsor, manager, shareholder servicing agent orcustodian in return for reasonable compensation; provided, however, that:
(i) Nothing in this subsection shall affect the degree ofprudence required of fiduciaries generally under the common law of the state;and
(ii) Any bonds or securities so purchased shall havesufficient liquidity and quality to satisfy the principles of fiduciaryinvestment; provided, further, that
(A) Any financial institution purchasing bonds or othersecurities underwritten or distributed by the financial institution or anaffiliate or by any syndicate which includes the financial institution or anaffiliate shall, in any written communication or account statement reflectingthe purchase, disclose the fact that it or an affiliate may have an interest inthe underwriting or distribution of the bonds or securities and any capacitiesin which it or an affiliate acts for the issuer of the securities; and
(B) Any financial institution purchasing securities of anyinvestment company or investment trust for which the financial institution orany affiliate acts as advisor, distributor, transfer agent, registrar, sponsor,manager, shareholder servicing agent, or custodian shall disclose the provisionof the stated services, and the receipt of compensation for services, annuallyby mailing a prospectus, statement, or letter describing the services to thelast known address of each person to whom statements for the fiduciary estateare rendered.
(b) For the purposes of this section, the term "financialinstitution" shall include insured-deposit-taking institutions duly organizedunder the laws of the United States and empowered to exercise trust powers.
§ 19-3.1-2 Power to hold and investassets. – (a) Every financial institution subject to this chapter shall have the power:
(1) To receive and hold money in trust or upon any terms andconditions agreed upon, and to allow the interest upon it;
(2) To receive and hold money, bonds, notes, mortgages,certificates of stock, and other securities, held in a fiduciary capacity;interest on funds received and held may be paid at any rates obtained or agreedupon;
(3) To receive and execute all trusts which may be created ortransferred to it by the decree of any court, and to receive all funds that maybe deposited with it by an order of any court, upon any terms agreed upon; andevery court into which funds may be paid by parties to any proceeding therein,or may be brought by order or judgment, may by order direct the funds to bedeposited with the financial institution. The financial institution shall notbe required to accept or execute any trust without its written consent;
(4) In the absence of an express provision to the contrary inthe instrument, judgment, decree, or order creating a trust or other fiduciaryrelationship, to purchase for the fiduciary estate, or to advise others,including any investment company or investment trust, to purchase, directlyfrom underwriters of distributors or in the secondary market, bonds or othersecurities that are underwritten or distributed by the financial institution oran affiliate or by any syndicate that includes the financial institution or anaffiliate and securities of any investment company or investment trust forwhich the financial institution or any affiliate acts as adviser, distributor,transfer agent, registrar, sponsor, manager, shareholder servicing agent orcustodian in return for reasonable compensation; provided, however, that:
(i) Nothing in this subsection shall affect the degree ofprudence required of fiduciaries generally under the common law of the state;and
(ii) Any bonds or securities so purchased shall havesufficient liquidity and quality to satisfy the principles of fiduciaryinvestment; provided, further, that
(A) Any financial institution purchasing bonds or othersecurities underwritten or distributed by the financial institution or anaffiliate or by any syndicate which includes the financial institution or anaffiliate shall, in any written communication or account statement reflectingthe purchase, disclose the fact that it or an affiliate may have an interest inthe underwriting or distribution of the bonds or securities and any capacitiesin which it or an affiliate acts for the issuer of the securities; and
(B) Any financial institution purchasing securities of anyinvestment company or investment trust for which the financial institution orany affiliate acts as advisor, distributor, transfer agent, registrar, sponsor,manager, shareholder servicing agent, or custodian shall disclose the provisionof the stated services, and the receipt of compensation for services, annuallyby mailing a prospectus, statement, or letter describing the services to thelast known address of each person to whom statements for the fiduciary estateare rendered.
(b) For the purposes of this section, the term "financialinstitution" shall include insured-deposit-taking institutions duly organizedunder the laws of the United States and empowered to exercise trust powers.
