§ 18-5-1. Establishment by banks and trust companies authorized. (a) Any trust company or national banking association qualified to act as a fiduciary in this state may establish one or more common trust funds for the purpose of investment and reinvestment of money received and held by the trust company or national banking association as […]
§ 18-5-2. Definitions. (a) As used in this chapter, “affiliate” of a trust company or national banking association means a member of an affiliated group connected through stock ownership with a common parent corporation which directly or indirectly owns stock possessing at least eighty percent (80%) of the total voting power and at least eighty […]
§ 18-5-3. Property tax on assets. Real estate and tangible personal property constituting assets of a common trust fund shall be taxed to the owner of the assets in the same manner as otherwise required by law. History of Section.P.L. 1956, ch. 3839, § 3; G.L. 1956, § 18-5-3.
§ 18-5-4. Exemption of funds from taxation generally. Except as provided in § 18-5-3, no common trust fund nor any asset of the fund, nor any trust company or national banking association by reason of its ownership or operation of the fund or asset, shall be subject to any tax now or subsequently levied, assessed, […]
§ 18-5-5. Repealed. History of Section.P.L. 1956, ch. 3839, § 3; Repealed by P.L. 1969, ch. 197, art. 7, § 3.
§ 18-5-6. Relationships to which chapter applicable. This chapter shall apply to fiduciary relationships in existence on May 2, 1956, or thereafter established. History of Section.P.L. 1956, ch. 3839, § 5; G.L. 1956, § 18-5-6.
§ 18-5-7. Severability. This chapter is declared to be severable, and should any provision of this chapter or its application to any person or circumstances be held invalid, the invalidity shall not affect the other provisions or applications of the chapter which can be given effect without the invalid provision or application. History of Section.P.L. […]
