§ 6.2-1094. (Effective October 1, 2010) Establishment of common trust fundsand collective investment funds; court accountings.
A. Any association authorized by the Commission to offer fiduciary servicesmay establish and maintain one or more common trust funds for the collectiveinvestment of funds held in a fiduciary capacity by it. The association mayinclude, in such common trust fund or funds established and maintained by it,funds held in a fiduciary capacity by any affiliate of the association.
B. An association may invest funds held by it in any fiduciary capacity inone or more common trust funds, provided (i) such investment is notprohibited by the governing instrument or court order creating such fiduciaryrelationship; (ii) in the case of co-fiduciaries, the written consent of theco-fiduciary is obtained by the association; and (iii) the association has nointerest in the assets of the common trust fund other than as a fiduciary.
C. Unless ordered by an appropriate court, an association operating a commontrust fund or funds shall not be required to render a court accounting withregard to such fund or funds, but, by application to an appropriate court,such association may secure approval of such an accounting on such conditionsas the court may establish. Nothing contained herein shall affect the dutiesof the fiduciaries of the trust accounts participating in the common trustfund to render accounts of their several trusts.
§ 6.2-1094. (Effective October 1, 2010) Establishment of common trust fundsand collective investment funds; court accountings.
A. Any association authorized by the Commission to offer fiduciary servicesmay establish and maintain one or more common trust funds for the collectiveinvestment of funds held in a fiduciary capacity by it. The association mayinclude, in such common trust fund or funds established and maintained by it,funds held in a fiduciary capacity by any affiliate of the association.
B. An association may invest funds held by it in any fiduciary capacity inone or more common trust funds, provided (i) such investment is notprohibited by the governing instrument or court order creating such fiduciaryrelationship; (ii) in the case of co-fiduciaries, the written consent of theco-fiduciary is obtained by the association; and (iii) the association has nointerest in the assets of the common trust fund other than as a fiduciary.
C. Unless ordered by an appropriate court, an association operating a commontrust fund or funds shall not be required to render a court accounting withregard to such fund or funds, but, by application to an appropriate court,such association may secure approval of such an accounting on such conditionsas the court may establish. Nothing contained herein shall affect the dutiesof the fiduciaries of the trust accounts participating in the common trustfund to render accounts of their several trusts.
§ 6.2-1094. (Effective October 1, 2010) Establishment of common trust fundsand collective investment funds; court accountings.
A. Any association authorized by the Commission to offer fiduciary servicesmay establish and maintain one or more common trust funds for the collectiveinvestment of funds held in a fiduciary capacity by it. The association mayinclude, in such common trust fund or funds established and maintained by it,funds held in a fiduciary capacity by any affiliate of the association.
B. An association may invest funds held by it in any fiduciary capacity inone or more common trust funds, provided (i) such investment is notprohibited by the governing instrument or court order creating such fiduciaryrelationship; (ii) in the case of co-fiduciaries, the written consent of theco-fiduciary is obtained by the association; and (iii) the association has nointerest in the assets of the common trust fund other than as a fiduciary.
C. Unless ordered by an appropriate court, an association operating a commontrust fund or funds shall not be required to render a court accounting withregard to such fund or funds, but, by application to an appropriate court,such association may secure approval of such an accounting on such conditionsas the court may establish. Nothing contained herein shall affect the dutiesof the fiduciaries of the trust accounts participating in the common trustfund to render accounts of their several trusts.
