2013 Kentucky Revised Statutes CHAPTER 386 - ADMINISTRATION OF TRUSTS -- LEGAL INVESTMENTS -- UNIFORM PRINCIPAL AND INCOME ACT 386.570 Control by commissioner of financial institutions.
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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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