§ 7209. Mutual funds
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 20 Pa.C.S.A. Decedents, Estates and Fiduciaries
20 Pa.C.S.A. § 7209
§ 7209. Mutual funds
Notwithstanding that a bank or trust company or an affiliate provides services to the investment company or investment trust, including that of an investment advisor, custodian, transfer agent, registrar, sponsor, distributor or manager, and receives reasonable compensation for those services and notwithstanding any other provision of law, a bank or trust company acting as a fiduciary, agent or otherwise may invest and reinvest in a mutual fund if the portfolio of the mutual fund consists substantially of investments not prohibited by the governing instrument. With respect to any funds invested, the basis upon which compensation is calculated, expressed as a percentage of asset value or otherwise, shall be disclosed by prospectus, account statement or otherwise to all persons to whom statements of the account are rendered.
Credits
1999, June 25, P.L. 212, No. 28, § 2, effective in six months.
20 Pa.C.S.A. § 7209, PA ST 20 Pa.C.S.A. § 7209
Current through 2023 Regular Session Act 32. Some statute sections may be more current, see credits for details.
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