Collective investment funds.

CFR · 2024-01-01 · US · Title 12

(a) (1) A fund maintained by the bank, or by one or more affiliated banks, (2) A fund consisting solely of assets of retirement, pension, profit sharing, stock bonus or other trusts that are exempt from Federal income tax. (i) A national bank may invest assets of retirement, pension, profit sharing, (ii) A national bank may invest assets of retirement, pension, profit sharing, stock bonus, or other employee benefit trusts exempt from Federal income tax and that the bank holds in any capacity (including agent), in a collective investment fund established under this paragraph (a)(2) if the fund itself qualifies for exemption from Federal income tax. (b) (1) (i) Investment powers and policies with respect to the fund; (ii) Allocation of income, profits, and losses; (iii) Fees and expenses that will be charged to the fund and to participating accounts; (iv) Terms and conditions governing the admission and withdrawal of participating accounts; (v) Audits of participating accounts; (vi) Basis and method of valuing assets in the fund; (vii) Expected frequency for income distribution to participating accounts; (viii) Minimum frequency for valuation of fund assets; (ix) Amount of time following a valuation date during which the valuation must be made; (x) Bases upon which the bank may terminate the fund; and (xi) Any other matters necessary to define clearly the rights of participating accounts. (2) (3) (4) (ii) (iii) (A) Operate with a stable net asset value of $1.00 per participatin

official document · source cfr-2024 · id 12:§ 9.18