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     48.841 Common trust funds, affiliates.  


    Subdivision 1.  Notwithstanding the provisions of section 
 48.84, any trust company or state bank which is permitted to 
 exercise trust powers under the provisions of sections 48.37 to 
 48.47 inclusive may: 


    (a) Establish and maintain common trust funds for the 
 collective investment of funds held in any fiduciary capacity by 
 it or by another bank or trust company which is owned or 
 controlled by a corporation which owns or controls such bank or 
 trust company; and 


    (b) As a fiduciary or cofiduciary, invest funds which it 
 holds for investment in common trust funds established and 
 maintained pursuant to clause (a) if such investment is not 
 prohibited by the instrument, judgment, decree or order creating 
 such fiduciary relationship.  This subdivision applies to 
 fiduciary relationships now in existence or hereafter created.  


    Subd. 2.  To the extent not inconsistent with the 
 provisions of this section, the provisions of section 48.84 
 relating to common trust funds shall apply to the establishment 
 and maintenance of common trust funds under this section.  


    HIST: 1974 c 6 s 1

Official Publication of the State of Minnesota
Revisor of Statutes