Indiana Code 30-4-8-12. Transferor’s service as an investment advisor
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Terms Used In Indiana Code 30-4-8-12
- Legacy: A gift of property made by will.
- Veto: The procedure established under the Constitution by which the President/Governor refuses to approve a bill or joint resolution and thus prevents its enactment into law. A regular veto occurs when the President/Governor returns the legislation to the house in which it originated. The President/Governor usually returns a vetoed bill with a message indicating his reasons for rejecting the measure. In Congress, the veto can be overridden only by a two-thirds vote in both the Senate and the House.
Sec. 12. A transferor who makes a qualified disposition may also serve as an investment adviser to the trust. However, the transferor may not serve as a trust director to a legacy trust except with respect to the retention of a veto right permitted by section 13(a)(1) of this chapter.
As added by P.L.221-2019, SEC.9.