Trust institutions shall not charge a fee for the management of a common trust fund administered by it or receive, either from the common trust fund or from any fiduciary account the funds of which are invested in participations therein, any additional fees, commissions or compensation of any kind by reason of such participation, but a trust institution shall not be prohibited from reimbursing itself out of a common trust fund for such reasonable expenses incurred by it in the administration thereof as would have been chargeable to the respective participating fiduciary accounts if incurred in the separate administration of such participating fiduciary accounts.
HISTORY: 1962 Code Section 8-599.2; 1955 (49) 538.
Structure South Carolina Code of Laws
Title 34 - Banking, Financial Institutions and Money
Chapter 21 - Banks And Corporations Doing Trust Business
Section 34-21-20. Examination; rules and regulations.
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 34-21-290. 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.