9-1611. Bank or trust company acting as fiduciary may deal in manner authorized by instrument with company having control of bank or trust company. Whenever the governing instrument of any trust authorizes a bank or trust company acting as fiduciary to engage in any of the following activities, such instrument shall also be deemed to authorize the bank or trust company to engage in the following activities, with any company which has or acquires control of such bank or trust company:
(a) Hold as a trust investment the bank's or trust company's own stock or obligations, or property acquired from the bank or trust company; or
(b) sell or transfer, by loan or otherwise, property held as fiduciary to the bank or trust company; or
(c) purchase for investment the stock or obligations of, or property from, the bank or trust company.
History: L. 1973, ch. 49, § 1; L. 2015, ch. 38, § 95; L. 2016, ch. 54, § 43; 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.