Nevada Revised Statutes Section 669.225 - Banks and Related Organizations

Investments: Trust company may invest in securities of and provide services to investment trust or investment company; trust company may deposit money held in trust with affiliate.

1. In addition to the powers of investment granted to the trust company by the instrument creating the relationship of fiduciary or agent, a trust company which is acting as a fiduciary or agent may, in its discretion or at the direction of another person who is authorized to direct the investment of money held by the trust company as a fiduciary or agent, invest in the securities of an investment trust or investment company if:

(a) The investment trust or investment company is registered pursuant to the Investment Company Act of 1940, as amended, 15 U.S.C. §§ 80a-1 et seq.; and

(b) The portfolio of the investment trust or investment company consists substantially of investments which are not prohibited by the instrument creating the fiduciary or agency relationship.

2. A trust company or an affiliate of the trust company may provide services to the investment trust or investment company, including, without limitation, acting as an investment adviser, custodian, transfer agent, registrar, sponsor, distributor or manager and may receive reasonable compensation for the services. The manner in which the compensation is calculated must be disclosed to the person who is currently receiving the benefits of the relationship of a fiduciary or agent with the trust company. The disclosure may be made by a prospectus, a statement of account or otherwise.

3. A trust company may deposit money held by the trust company as a fiduciary or agent with an affiliate before investing or making other disposition of the money.

Last modified: February 26, 2006