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Can you summarize NHRS Chapter 391?
BANKS AND BANKING; LOAN ASSOCIATIONS; CREDIT UNIONS (Chapters 383 - 397-B) > UNIFORM COMMON TRUST FUND ACT
Short Summary
The provided legal document pertains to the establishment and use of common trust funds by bank or trust companies in the state of New Hampshire. These entities, qualified to act as fiduciaries, are allowed to establish common trust funds for the purpose of providing investments to themselves as fiduciaries, to other qualified affiliates of the same holding company, or to themselves and others as co-fiduciaries. The document also permits 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. Co-fiduciaries are authorized to consent to investments in common trust funds. The document does not specify any exemptions or penalties. It is part of the New Hampshire Revised Statutes under the section for Banks and Banking, Loan Associations, and Credit Unions.
Whom does it apply to?
Bank or trust companies qualified to act as fiduciaries in the state of New Hampshire
What does it govern?
Establishment and use of common trust funds by bank or trust companies
What are exemptions?
No specific exemptions are mentioned in the document
What are the Penalties?
No specific penalties are mentioned in the document
Jurisdiction
New Hampshire