(a) Any bank or trust company qualified to act as fiduciary in this state may establish common trust funds for the purpose of furnishing, or making available, investments to itself as fiduciary, or to itself and others, as cofiduciaries, and may, as such fiduciary or cofiduciary, invest funds which it lawfully holds for investment in interests in such common trust funds, if such investment is not prohibited by the instrument, judgment, decree or order creating its fiduciary status or relationship, and if, in the case of cofiduciaries, the bank or trust company procures the consent of its cofiduciaries to such investment: Provided, That unless such fiduciary acquiring or holding any interest in any common trust fund is specifically permitted by the instrument, judgment, decree or order creating the fiduciary status or relationship to invest in securities other than those described in section two of this article, or any amendments or reenactments thereof, such common trust funds shall be invested only in those securities described in said section two and subject to the limitations and conditions of said section, and any amendments or reenactments thereof, except that a common trust fund or funds may be established for the purchase of securities of the type described in said section two without regard to the percentage limitation specified in subparagraph (1), subdivision (h) of said section two, in which event the funds invested by a fiduciary in interests in such last mentioned common trust fund or funds shall not exceed the percentage limitation specified in said subparagraph (1), subdivision (h) unless a larger investment is permitted by the instrument, judgment, decree or order creating the fiduciary status or relationship.
(b) Any bank or trust company qualified to act as a fiduciary in this state may establish and maintain common trust funds for the collective investment of funds held in any fiduciary capacity by it or by any bank or trust company qualified to act as fiduciary in this state which is owned or controlled by a bank holding company which owns or controls such establishing bank or trust company. Any such commonly owned or controlled bank or trust company may, as fiduciary or cofiduciary with others, invest funds which it holds in common trust funds so established and maintained. The restrictions contained in subsection (a) of this section shall apply to the establishment, maintenance and investment of common trust funds under this subsection.
Structure West Virginia Code
Chapter 44. Administration of Estates and Trusts
Article 6. Investments by Fiduciaries
§44-6-1. Fiduciaries to Put Money Out at Interest
§44-6-2. In What Securities Fiduciaries May Invest Trust Funds
§44-6-3. Authority for Investment
§44-6-4. Beneficiaries May Have Fiduciary Instructed by Court as to Investments
§44-6-5. Application to Circuit Court for Directions Regarding Estate Held to Meet a Contingency
§44-6-6. Establishment of Common Trust Funds; Investments
§44-6-7. Accounting Required of Fiduciaries as to Common Trust Funds
§44-6-8. How §§44-6-6 to 44-6-8 Cited; Purpose; Provisions Severable
§44-6-10. Purchase of Service or Product Through or Directly From Bank or Trust Company or Affiliate
§44-6-11. Application Only to Executors, Administrators, Guardians, Curators or Committees