Montana Code 10-2-703. Principal of trust fund inviolate — investment — use of income — corporate trustee compensation — surplus
10-2-703. Principal of trust fund inviolate — investment — use of income — corporate trustee compensation — surplus. (1) The principal of the trust fund must remain intact and inviolate.
Terms Used In Montana Code 10-2-703
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
- Trustee: A person or institution holding and administering property in trust.
(2)The principal of the trust fund must be invested in a manner in which public employees’ retirement funds are permitted to be invested in the state of Montana as prescribed by 17-6-201. Investment is subject to the approval of the district court judge.
(3)The income received from investment of the principal must be used for the care, maintenance, and improvement of the memorial monument and for compensation of the corporate trustee.
(4)The corporate trustee of the trust fund shall receive compensation as determined by the district court judge.
(5)In the event that the income from the trust fund is not needed in its entirety for the purposes in subsection (3), the surplus must be added to the principal of the trust fund.