Section 17.13. Collective investment.

 

(1)  When not prohibited by local law, funds held by an association as fiduciary may be held in:

(a) A common trust fund maintained by the association exclusively for the collective investment and reinvestment of moneys contributed to the common trust fund by the association in its capacity as trustee, executor, administrator, personal representative, guardian, or custodian under a uniform gifts to minor act;

(b) A fund consisting solely of assets of retirement, pension, profit sharing, stock bonus or other trusts which are exempt from federal income taxation under the Internal Revenue Code.

(2)  Collective investments of funds or other property by an association under sub. (1) shall be administered in accordance with s. DFI-SL 17.14 . Any documents required to be filed with the comptroller of the currency under 12 CFR 9.18 shall also be filed with the division who may review the documents for compliance with all relevant laws and rules.

(3)  As used in this section and s. DFI-SL 17.14 , the term association includes 2 or more associations which are members of the same affiliated group with respect to any fund established under this section of which any of the affiliated associations is trustee, or of which 2 or more of the affiliated associations are co-trustees.

History: Cr. Register, June, 1989, No. 402 , eff. 7-1-89.

Note

This section parallels 12 CFR 550.13 . Microsoft Windows NT 6.1.7601 Service Pack 1