In addition to the investments permitted under Section 34-21-220, funds or other property received or held by a trust institution as fiduciary may be invested collectively as follows:
(1) In a single real estate loan or a direct obligation of the United States, or an obligation fully guaranteed by the United States, if the trust institution owns no participation in the loan or obligation and has no interest therein except in its capacity as fiduciary.
(2) In any investments specifically authorized by court order or authorized by the instrument creating the fiduciary relationship.
(3) In such other manner as shall be approved in writing by the Comptroller of the Currency in the case of national banks and by the State Board of Bank Control in the case of State banks.
HISTORY: 1962 Code Section 8-599.6; 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.