§ 404. Collective investment funds
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 7 P.S. Banks and Banking
7 P.S. § 404
§ 404. Collective investment funds
As used in this section, the term “collective investment fund” shall include a common trust fund and any other type of collective investment fund.
(c) Regulations of department--The department shall regulate the establishment and maintenance of collective investment funds subject to this section except those covered by subsection (b)(i) of this section. Such regulations of the department shall comply with the general standards for exercise of the regulatory power of the department under this act and in addition shall be designed to assure:
(i) ratably equal treatment of the participants in a fund by imposing minimum requirements for the method and frequency of valuation of participations in the fund, for the time and method of admission or withdrawals of participations in the fund and for the determination of interests of participants in the assets and income of the fund; and
(e) Effect of mistake--No mistake made in good faith and in the exercise of due care in connection with the administration of a collective investment fund shall be deemed a violation of this section or of any other duty of the institution if, promptly after discovery of the mistake, the institution takes whatever action may be practicable in the circumstances to remedy the mistake.
Credits
1965, Nov. 30, P.L. 847, No. 356, § 404. Amended 1984, July 6, P.L. 606, No. 125, § 2, imd. effective; 1984, July 6, P.L. 621, No. 128, § 6, imd. effective.
7 P.S. § 404, PA ST 7 P.S. § 404
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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