Pennsylvania Code & Bulletin

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The Pennsylvania Code website reflects the Pennsylvania Code changes effective through 52 Pa.B. 6342 (October 1, 2022).

10 Pa. Code § 31a.11.  Collective investment.

§ 31a.11.  Collective investment.

 (a)  Funds held by an association as fiduciary may be held in one of the following:

   (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 20 Pa.C.S. § §   5301—5310 (relating to Pennsylvania Uniform Transfers to Minors Act).

   (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 subsection (a) shall be administered in accordance with Comptroller of the Currency Regulation 9.18, 12 CFR 9.18; however, any documents required to be filed with the Comptroller of the Currency shall be filed with the Department.

 (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 under this section of which any of such affiliated associations is trustee, or of which two or more of such affiliated associations are co-trustees.

Cross References

   This section cited in 10 Pa. Code §  31a.7 (relating to investment of funds held as fiduciary); 10 Pa. Code §  31a.8 (relating to self-dealing); and 10 Pa. Code §  31a.9 (relating to custody of investments).

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