Interests of a Financial Institution

A financial institution administering a fund shall not have an interest in that fund other than in its fiduciary capacity. If, because of a creditor relationship or otherwise, the bank acquires an interest in a participating account, the participating account must be withdrawn on the next withdrawal date. However, a financial institution may invest assets that it holds as fiduciary for its own employees in a fund. SOURCE: Added by P.L. 32-038:1 (June 7, 2013).