2011 Kentucky Revised Statutes CHAPTER 386 ADMINISTRATION OF TRUSTS -- LEGAL INVESTMENTS -- UNIFORM PRINCIPAL AND INCOME ACT 386.570 Control by commissioner of financial institutions.
KY Rev Stat § 386.570 (1996 through Reg Sess) What's This?
386.570 Control by commissioner of financial institutions.
The commissioner of financial institutions shall have authority to adopt and issue
reasonable and uniform rules and regulations to govern the conduct and management of
all fiduciary investment companies having investment advisers other than national banks.
The commissioner of financial institutions may, whenever he may deem it necessary or
expedient, examine every fiduciary investment company contemplated by KRS 386.510
to 386.590 having an investment adviser which is not a national bank. In every such
examination, the commissioner of financial institutions shall make inquiry as to its
financial condition, the policies of its management, whether it is complying with the laws
of Kentucky, and such other matters as the commissioner of financial institutions may
reasonably prescribe. In the enforcement of KRS 386.510 to 386.590 and the restrictions
and limitations imposed by their articles of incorporation and bylaws, the commissioner
of financial institutions shall have the same powers and authority with respect to fiduciary
investment companies having investment advisers other than a national bank as are
conferred upon him by the laws of this state with respect to state banks and trust
companies to the same extent and in the same manner as if fiduciary investment
companies were expressly named in Subtitle 3 of Chapter 286 of the Kentucky Revised
Statutes.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1920, effective July 15, 2010. -- Created
1974 Ky. Acts ch. 300, sec. 8.
Legislative Research Commission Note (7/12/2006). 2006 Ky. Acts ch. 247 instructs
the Reviser of Statutes to adjust KRS references throughout the statutes to conform
with the 2006 renumbering of the Financial Services Code, KRS Chapter 286. Such
an adjustment has been made in this statute.
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