04 NCAC 03D .0304. COLLECTIVE INVESTMENT

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(a) Funds held by a bank as fiduciary may be invested collectively in one or more common trust funds. Such funds shall be organized and administered in accordance with the provisions of 12 C.F.R. 9.18, the same which is herein incorporated by reference except that any reference in the aforesaid statute to the Comptroller of the Currency shall, for the purposes of banks organized under the laws of North Carolina, be deemed to refer to the Commissioners of Banks.

(b) Pursuant to G.S. 150B‑21.6, any reference to 12 C.F.R. 9.18 shall automatically include any later amendment and edition to that regulation.

History Note: Authority G.S. 36A‑92; 53‑92; 53‑104;

Eff. February 1, 1976;

Amended Eff. May 1, 1992; November 1, 1982; September 26, 1979.

                    
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