Section 5-12A-15 – Taxation.
Section 5-12A-15 Taxation. A common trust fund, whether established, maintained, and administered pursuant to the requirements of this chapter or established, maintained, administered, and invested in without regard to the requirements and limitations of this chapter, as provided in Section 5-12A-13, shall not be subject to taxation under any income tax law of the State […]
Section 5-12A-14 – Accountings.
Section 5-12A-14 Accountings. Unless ordered by a court of competent jurisdiction, a trust institution administering a common trust fund shall not be required to render a court accounting with regard to such fund, but it may file returns and make accountings in the same manner and for the same purposes as is provided by law […]
Section 5-12A-1 – Definitions.
Section 5-12A-1 Definitions. As used in this chapter, the following terms shall have the following meanings, respectively, unless the context clearly indicates otherwise: (1) TRUST INSTITUTION. Any state bank, any national bank or any trust company authorized to act in a fiduciary capacity in this state and under the supervision of the Comptroller of the […]
Section 5-12A-2 – Trust Institutions May Establish, etc., Common Trust Funds.
Section 5-12A-2 Trust institutions may establish, etc., common trust funds. Any trust institution may establish, maintain and administer one or more common trust funds. (Acts 1980, No. 80-658, §5-12-2.)
Section 5-12A-3 – Investments by Trust Institutions.
Section 5-12A-3 Investments by trust institutions. Any trust institution, in its capacity as fiduciary or cofiduciary, whether such fiduciary capacity arose before or was created after July 8, 1943, may invest funds which it lawfully holds for investment in such capacity in interests or participations in one or more common trust funds, if such investment […]
Section 5-12A-4 – Common Trust Fund Plan.
Section 5-12A-4 Common trust fund plan. Each common trust fund shall be established and maintained in accordance with a written plan (referred to herein as the plan) approved by resolution of the board of directors of the trust institution and approved in writing by competent legal counsel. The plan shall provide that the common trust […]
Section 5-12A-5 – Amendment of Plan.
Section 5-12A-5 Amendment of plan. The plan may be amended from time to time by the fiduciary with the approval of the board of directors of the trust institution. Any such amendment shall be filed with the original plan, together with a certified copy of the resolution of the board of directors of the trust […]
Section 5-12A-6 – Control of Investments by Instrument Under Which Trust Institution Acts.
Section 5-12A-6 Control of investments by instrument under which trust institution acts. If the instrument under which a trust institution acts as fiduciary, whether such fiduciary capacity arose before or is created after July 8, 1943, shall either expressly or by its silence limit or restrict the investment of moneys of the estate and securities […]
Section 5-12A-7 – Investment of Estate Moneys in Fund; Withdrawals.
Section 5-12A-7 Investment of estate moneys in fund; withdrawals. The trust institution shall invest the moneys of an estate (whether the estate is administered by such trust institution or by an affiliated trust institution) in such common trust fund by adding the same thereto and by apportioning a participation therein to such estate in the […]
Section 5-12A-8 – Record of Fiduciary Accounts Owning Interest in Fund; Extent of Interest.
Section 5-12A-8 Record of fiduciary accounts owning interest in fund; extent of interest. The trust institution shall designate clearly upon its records the names of the fiduciary accounts which own a participation in the common trust fund and the extent of the interest of such fiduciary accounts therein. No fiduciary account owning or holding an […]