§ 104.512. Collective Investment.

(a) When not in contravention of local law, funds held by an association as fiduciary may be held in:

(1) A common trust fund maintained by the association exclusively for the collective investment and reinvestment of moneys contributed thereto by the association in its capacity as trustee, executor, administrator, guardian, or custodian under a Uniform Gifts to Minors Act; or

(2) A fund consisting solely of assets of retirement, pension, profit sharing, stock bonus or other trusts which are exempt from federal income taxation under the Internal Revenue Code.

(b) Collective investments of funds or other property by an association under paragraph (a) of this section shall be administered in accordance with Comptroller of the Currency Regulation 9.18 (12 CFR 9.18), provided, that any documents required to be filed with the Comptroller of the Currency under that regulation shall also be filed with the commissioner and that the commissioner may review such documents for compliance with these and other laws and regulations.

(c) As used in this section, the term “association” shall include two or more associations which are members of the same affiliated group with respect to any fund established pursuant to this section of which any of such affiliated associations is trustee, or of which two or more of such affiliated associations are co-trustees.

HISTORY

1. Change without regulatory effect renumbering former Section 245.13 to Section 104.512 (Register 87, No. 14). For prior history, see Register 81, No. 25.

Note

Note: Authority cited: Section 5500.5, Financial Code. Reference: Title 10, Calif. Adm. Code, Chapter 2, Subchapter 3, Article 5 (Section 103.500) and Subchapter 4, Article 5 (Section 104.500 et seq.); and Sections 5003 and 5501.5, Financial Code.