Section 17.13. Collective investment.

 

(1)   Definition. In this section and in s. DFI-SB 17.14 , the term "savings bank" includes 2 or more savings banks which are members of the same affiliated group with respect to any fund established under this section of which any of the affiliated savings banks is trustee, or of which 2 or more of the affiliated savings banks are co-trustees.

(2)   Funds. When not prohibited by local law, funds held by a savings bank as fiduciary may be held in:

(a) A common trust fund maintained by the savings bank exclusively for the collective investment and reinvestment of moneys contributed to the common trust fund by the savings bank in its capacity as trustee, executor, administrator, personal representative, guardian, or custodian under a uniform transfers to minors 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.

(3)   Administration; reports. Collective investments of funds or other property by a savings bank under sub. (1) shall be administered in accordance with s. DFI-SB 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.

History: Cr. Register, February, 1994, No. 458 , eff. 3-1-94.

Note

This section parallels 12 CFR 550.13 and s. DFI-SL 17.13 . Microsoft Windows NT 6.1.7601 Service Pack 1