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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 34-21-310. Limitation on interest of any one participant in collective investment fund.
Universal Citation: SC Code § 34-21-310 (2017)
Except in the case of collective investment funds described in Section 34-21-220(2), no funds or other property shall be invested in a participation in a collective investment fund if as a result of such investment the participant would have an interest aggregating in excess of ten percent of the then market value of the fund. Provided, that in applying this limitation, if two or more accounts are created by the same person or persons and as much as one half of the income or principal of each account is payable or applicable to the use of the same person or persons such accounts shall be considered as one.
HISTORY: 1962 Code Section 8-595; 1955 (49) 538; 1965 (54) 608; 1969 (56) 283.
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