Establishment.
Any bank or trust company qualified to act as fiduciary in the District of Columbia may, subject to such rules and regulations as may be promulgated from time to time by the Board of Governors of the Federal Reserve System under the provisions of § 92a of Title 12, United States Code , as amended, pertaining to the collective investment of trust funds by national banks, establish common trust funds for the purpose of furnishing investments to itself as fiduciary, or to itself and others as cofiduciaries; and 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 written consent of its cofiduciaries to such investment.
Annotations
Oct. 27, 1949, 63 Stat. 938, ch. 767, § 1 Uniform Law: This section is based upon § 1 of the Uniform Common Trust Fund Act. 1973 Ed., § 26-701. 1981 Ed., § 26-301.
Sourced from the DC Council Open Law Library (public domain).
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