Connecticut General Statutes 36a-372 – Investment in common trust funds by national banking associations and foreign corporations acting as executor or testamentary trustee
Any national banking association or foreign corporation which has qualified and is acting as executor or testamentary trustee in this state pursuant to the provisions of section 45a-206 may, subject to the provisions of this section, invest any funds held by it as an executor or testamentary trustee in any common trust fund which it maintains according to the laws of the state where its principal place of business is located, provided no such investment may be made unless the will under which such executor or testamentary trustee is acting either specifically permits such investment or authorizes such executor or testamentary trustee to exercise its discretion with respect to investments or does not specifically prohibit investment in common trust funds.
Terms Used In Connecticut General Statutes 36a-372
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Executor: A male person named in a will to carry out the decedent
- State: means any state of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the trust territory of the Pacific Islands, the Virgin Islands and the Northern Mariana Islands. See Connecticut General Statutes 36a-2
- Trustee: A person or institution holding and administering property in trust.