New York Laws
Article 3 - Banks and Trust Companies
100-C - Common Trust Funds.

(b) For the purpose of this subdivision, (i) the term "bank holding
company" shall be given the same meaning as is contained in the
definition of such term in section one hundred forty-one of this
chapter, and (ii) the term "trust company" shall be given the same
meaning as is contained in the definition of such term in subdivision
seven of this section, except that such term shall be deemed to include,
in addition to the entities listed in such subdivision, any banking,
trust or financial company, corporation or association, organized under
the laws of the United States, whether or not having its principal
office outside this state, or of any state of the United States, which
is duly authorized to exercise fiduciary powers.
9. (a) As used in this subdivision, unless the context otherwise
required:
(i) "Short term investment common trust fund" means a common trust
fund maintained and administered by a trust company exclusively for the
collective investment and reinvestment of moneys contributed thereto
which are invested and reinvested in any short term investment by a
trust company, in its capacity as a fiduciary or co-fiduciary.
(ii) "Short term investment" means bonds, notes or other evidences of
indebtedness which are payable upon demand (including variable amount
notes) or which have a maturity date of one year or less from the date
of purchase, or which may be prescribed, from time to time, by rules or
regulations promulgated by the superintendent of financial services, and
which are acquired or held by a trust company in a short term investment
common trust fund.
(iii) "Participant" means any estate, trust, donee of a power during
minority, guardianship, committeeship, conservatorship, or custodian
under any Uniform Transfers to Minors Act administered by a trust
company, as fiduciary or co-fiduciary, having a participation.
(iv) "Participation" means the interest of a participant in a short
term investment common trust fund.
(b) Any trust company may administer one or more short term investment
common trust funds.
(c) Any trust company shall, at least once each year, cause an audit
of each short term investment common trust fund administered by the
trust company to be made by auditors who are independent certified
public accountants. A copy of such audit shall be available at the
office of the trust company maintained for the transaction of trust
business, during all regular business hours, for inspection by any
person having an interest in any participant, and upon request a copy of
any such audit shall be furnished without any cost to such person. The
reasonable expenses of any such audit made by independent certified
public accounts or of any examination by the superintendent may be
charged to the income of the short term investment common trust fund.
(d) A trust company administering a short term investment common trust
fund shall not be required to render a court accounting with regard to
such fund.
10. The superintendent of financial services shall promulgate such
regulations and rules as he or she considers appropriate to govern the
administration of common trust funds and short term investment common
trust funds.

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