South Carolina Code of Laws
Chapter 21 - Banks And Corporations Doing Trust Business
Section 34-21-290. Authority of estates restricted to legal investments.

If the instrument under which a trust institution acts as fiduciary, whether such fiduciary capacity arose before or is created after this article takes effect, shall either expressly or by its silence limit or restrict the investment of moneys of the estate and securities to the class authorized by law as legal investments, the trust institution may, in its capacity as sole fiduciary or with the consent of any person acting with it in a fiduciary capacity, invest and reinvest moneys of the estate in any such common trust fund maintained by the trust institution if the securities composing such fund consist solely of securities of the class authorized as legal investments for funds held by a fiduciary.
HISTORY: 1962 Code Section 8-593; 1955 (49) 538.

Structure South Carolina Code of Laws

South Carolina Code of Laws

Title 34 - Banking, Financial Institutions and Money

Chapter 21 - Banks And Corporations Doing Trust Business

Section 34-21-10. Written approval from State Board of Bank Control is required to conduct trust business.

Section 34-21-20. Examination; rules and regulations.

Section 34-21-30. Fiduciary assets must be segregated; separate books and records; officer in charge.

Section 34-21-40. Forms of security for funds received or held in trust.

Section 34-21-50. Investment of funds.

Section 34-21-60. Investments shall be kept separate.

Section 34-21-70. Custody of securities.

Section 34-21-210. Definitions.

Section 34-21-220. Collective investment of funds.

Section 34-21-230. Written plan for fund.

Section 34-21-240. Amendments to plan.

Section 34-21-250. Management, control, and ownership of fund.

Section 34-21-260. Propriety of investments in fund.

Section 34-21-270. Limitation on investment in obligations of any one person, firm, or corporation.

Section 34-21-280. Collective investment fund may be considered as a whole in determining propriety of investment.

Section 34-21-290. Authority of estates restricted to legal investments.

Section 34-21-300. Authority of estates not restricted to legal investments.

Section 34-21-310. Limitation on interest of any one participant in collective investment fund.

Section 34-21-320. Making and withdrawing investments.

Section 34-21-330. Nature of interest in fund.

Section 34-21-340. Certificates and other documents evidencing interest in fund shall not be issued.

Section 34-21-350. Records of investments.

Section 34-21-360. Trust institution shall not invest in own fund.

Section 34-21-370. Management fees prohibited; reimbursement for expenses.

Section 34-21-380. Annual audit of fund; financial report.

Section 34-21-390. Valuation of securities in fund.

Section 34-21-400. Court accounting of fund.

Section 34-21-410. Mistakes in administration.

Section 34-21-420. Other common trust funds are not prohibited.

Section 34-21-430. Obligations in which funds may be collectively invested.