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Can you summarize NHRS 391:1-a?
UNIFORM COMMON TRUST FUND ACT > Establishment and Use of Common Trust by Bank Holding Company Affiliates.
Short Summary
This legal document pertains to the establishment and use of common trust funds by bank or trust companies that are affiliates of a bank holding company or a savings and loan holding company. The document allows such entities to establish common trust funds for the purpose of providing investments to themselves as fiduciaries, to other affiliates of the same holding company qualified to act as fiduciaries, or to themselves and others as co-fiduciaries. The document also allows for the investment of funds held in a fiduciary capacity in common trust funds or collective investment funds established by other affiliates of the same holding company, subject to certain limitations. Any bank or trust company establishing, maintaining, or utilizing common trust funds under this document must comply with all provisions outlined. Co-fiduciaries are authorized to consent to investments in common trust funds. No specific exemptions or penalties are mentioned in the document.
Whom does it apply to?
Bank or trust companies that are affiliates of a bank holding company or a savings and loan holding company
What does it govern?
Establishment and use of common trust funds by bank holding company affiliates
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Hampshire