Title 11 — Finance and Taxation
59 chapters · 1,261 sections in this title.
11 GCA § 162101 Definitions
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As used in this Chapter, unless the context otherwise requires: “Collective investment fund” means a fund maintained by a financial institution that consists solely of assets of retirement, pension, profit sharing, stock bonus or other trusts that are exempt from federal income t…
11 GCA § 162102 Establishment of Collective Investment Funds
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A financial institution may establish and maintain collective investment funds for the investment of assets of retirement, pension, profit sharing, stock bonus or other trusts that are exempt from federal income tax, and may invest assets of retirement, pension, profit sharing, s…
11 GCA § 162103 Written Plan
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(a) A financial institution shall establish and maintain a fund in accordance with a written plan approved by resolution by the board of directors of the financial institution, or by a committee authorized by the board. The plan's provisions shall be consistent with the provision…
11 GCA § 162104 Management of the Fund
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The financial institution shall have the exclusive management and control of each fund administered by it, and the sole right at any time to sell, convert, exchange, transfer, or otherwise change or dispose of the assets comprising within the fund, except as a prudent person migh…
11 GCA § 162105 Internal Controls
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A financial institution shall implement and maintain effective operational controls to ensure that: (a) The fund is valued regularly. For a fund that holds investments with daily valuations, such as mutual funds and publicly traded stocks, bonds, and exchange-traded funds, values…
11 GCA § 162106 Rights and Interests of Participating Accounts and Contributors to the Participating
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Accounts. (a) All participating accounts in a fund shall have a proportionate undivided interest in all the fund's assets, which shall be reported in units of beneficial interest. No participating account shall have individual ownership of any asset in the fund. (b) A hard copy o…
11 GCA § 162107 Interests of a Financial Institution
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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…
11 GCA § 162108 Annual Financial Reports
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(a) At least once during each 12-month period, the financial institution administering a fund shall arrange for an audit of the fund by auditors responsible only to the board of directors of the financial institution. (b) At least once during each 12-month period, the financial i…
11 GCA § 162109 Management Fees
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The financial institution administering a collective investment fund may charge a reasonable fund management fee only if the amount of the fee does not exceed an amount commensurate with the value of legitimate services of tangible benefit to the participating fiduciary accounts …
11 GCA § 162110 Mistakes in Administration of Funds
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A mistake made in good faith and in the exercise of due care in connection with the administration of a fund is not a violation of this Chapter or any rules or regulations issued under this Chapter, if promptly after discovery of the mistake the financial institution takes whatev…
11 GCA § 162111 Regulation
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The Division of Insurance, Securities and Banking shall regulate all aspects of this Chapter, and shall inspect all such funds no less than annually for compliance. Audits of funds by the respective federal authorities of the parent companies of such funds shall suffice to meet t…