9-1609. Fiduciary may establish collective investment funds. (a) Any bank or trust company authorized to act as fiduciary may establish collective investment funds for the purpose of furnishing investments to:
(1) Such bank or trust company as fiduciary;
(2) such bank or trust company and others, as co-fiduciaries;
(3) another state or national bank or trust company, as fiduciary, which is a subsidiary of the same bank holding company of which the bank or trust company is a subsidiary, as such terms are defined in K.S.A. 9-519, and amendments thereto; or
(4) another state or national bank or trust company with which the bank or trust company is affiliated through common control, as defined in K.S.A. 9-1612, and amendments thereto.
(b) Any bank or trust company authorized to act as fiduciary may, as such fiduciary or co-fiduciary, invest funds which it lawfully holds for investment in interests in such collective investment funds, if such investment is not prohibited by the instrument, judgment, decree or order creating such fiduciary relationship, and if, in the case of co-fiduciaries, the bank or trust company procures the consent of its co-fiduciaries to such investment.
History: L. 1951, ch. 123, § 1; L. 1986, ch. 56, § 3; L. 2015, ch. 38, § 94; L. 2016, ch. 54, § 42; L. 2018, ch. 4, § 1; July 1.
Structure Kansas Statutes
Chapter 9 - Banks And Banking; Trust Companies
Article 16 - Banking Code; Trust Authority
9-1601 Application and authority to act as trust company; exemptions.
9-1602 Revoking trust authority.
9-1603 Assets held in fiduciary capacity segregated; records; security of funds.
9-1604 Liquidation, termination of trust business.
9-1607 Appointment of nominee when acting as fiduciary; records.
9-1609 Fiduciary may establish collective investment funds.
9-1612 Company having control over a bank or trust company defined.