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Can you summarize KSST Chapter 9, Article 16?
BANKS AND BANKING; TRUST COMPANIES > BANKING CODE; TRUST AUTHORITY
Short Summary
The provided legal document governs the establishment of collective investment funds by banks and trust companies acting as fiduciaries. It applies to banks and trust companies that are authorized to act as fiduciaries. These funds can be established for the purpose of providing investments to the bank or trust company as a fiduciary, to the bank or trust company and others as co-fiduciaries, to a subsidiary of the same bank holding company, or to an affiliated bank or trust company under common control. Banks and trust companies, as fiduciaries or co-fiduciaries, are allowed to invest funds they hold for investment in these collective investment funds, as long as such investment is not prohibited by the instrument, judgment, decree, or order creating the fiduciary relationship. The consent of co-fiduciaries is required for such investments. The document does not specify any penalties or exemptions.
Whom does it apply to?
Banks and trust companies authorized to act as fiduciaries
What does it govern?
Establishment of collective investment funds by banks and trust companies acting as fiduciaries
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Kansas