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2017 South Carolina Code of Laws
Title 34 - Banking, Financial Institutions and Money
CHAPTER 21 - BANKS AND CORPORATIONS DOING TRUST BUSINESS
Section 34-21-260. Propriety of investments in fund.
Universal Citation: SC Code § 34-21-260 (2017)
Any trust institution in its capacity as a fiduciary or cofiduciary, whether such fiduciary capacity arose before or is created after this article takes effect, may invest funds which it lawfully holds for investment in such capacity in participations in one or more common trust funds, if such investment is not prohibited by the instrument, judgment, decree or order creating the fiduciary relationship, and if, in the case of cofiduciaries, the trust institution procures the consent of its cofiduciary or cofiduciaries to such investment.
HISTORY: 1962 Code Section 8-592; 1955 (49) 538.
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