386.510 Definitions for KRS 386.510 to 386.590.

424 words·~2 min read·/ky/chapter-386/386-510

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

As used in KRS 386.510 to 386.590, the following terms shall be construed to have the meaning set forth by this section, unless a contrary meaning clearly appears from the context:

(1)The term "trust institution" means any of the following corporations having trust

powers and authorized to act in a fiduciary capacity under the laws of Kentucky:

Any state bank or trust company incorporated under the laws of Kentucky and any

national banking association incorporated under the laws of the United States and

having its principal office in Kentucky;

(2)The term "investment adviser" of a fiduciary investment company means

(a)any

trust institution which, pursuant to contract with a fiduciary investment company

possessing the qualifications provided by KRS 386.510 to 386.590, regularly

furnishes advice to such investment company with respect to the desirability of

investing in, purchasing or selling securities or other property or is empowered to

determine what securities or other property shall be purchased or sold by such

investment company, and

(b)any person other than a trust institution, who, pursuant

to contract with such trust institution, regularly performs substantially all of the

duties undertaken by such trust institution;

(3)The term "fiduciary investment company" means a corporation which is an

investment company as defined by the Act of Congress entitled "Investment

Company Act of 1940" approved August 22, 1940, as amended, and is incorporated

in accordance with the "Kentucky Business Corporation Act" as to constitute a

medium for the investment of funds held by trust institutions and foreign trust

institutions in a fiduciary capacity, either alone or with one

(1)or more

cofiduciaries;

(4)The term "supervisory agency" means

(a)the comptroller of the currency of the

United States with respect to any fiduciary investment company having a national

banking association as an investment adviser, and

(b)the commissioner of financial

institutions of the Commonwealth of Kentucky with respect to any fiduciary

investment company having a state bank as an investment adviser. The term shall

mean the commissioner of financial institutions of the Commonwealth of Kentucky

with respect to any fiduciary investment company which does not have an

investment adviser; and

(5)The term "foreign trust institution" means any state bank or trust company

organized under the laws of any state other than Kentucky or any national banking

association incorporated under the laws of the United States and having its principal

office in some state other than Kentucky, which has trust powers and is authorized

to act in a fiduciary capacity under the laws under which it was incorporated.