Establishment; conformity with Internal Revenue Code
Sec. 2. Any Indiana bank or trust company or any national bank,
qualified to act as fiduciary in this state, may establish common trust
funds in conformity with the provisions of Section 584 of the Internal
Revenue Code, and the regulations promulgated thereunder,
pertaining to the collective investment and reinvestment of trust
funds by such banks and companies as fiduciaries or co-fiduciaries,
and may lawfully purchase with funds which it holds for investment
as such fiduciary or co-fiduciary participating interests in such
common trust funds, if:
(1) such investment is not prohibited by the instrument or
judgment creating such fiduciary relationship; and
(2) in any case where it is a co-fiduciary, the bank or trust
company procures the written consent of its co-fiduciary to such
investment. Such consent is hereby authorized.
(Formerly: Acts 1949, c.70, s.2.) As amended by P.L.2-1987, SEC.44.
Last modified: May 27, 2006