808 KAR 1:110. Investment of bank funds.

 

      RELATES TO: KRS 286.3-100(7)

      STATUTORY AUTHORITY: KRS 286.1-011, 286.1-020

      NECESSITY, FUNCTION, AND CONFORMITY: To allow state chartered banks to invest in a particular series of a mutual fund. Many mutual funds are divided into series to save administrative expense. The investment objectives of a particular series of a mutual fund is as restrictive as those of a mutual fund that is not divided into series, thereby making a particular series just as suitable of an investment as a particular mutual fund.

 

      Section 1. A bank may invest its funds in a particular series of a mutual fund if that series meets the requirements of KRS 286.3-100(7). (16 Ky.R. 2810; eff. 7-19-90; TAm eff. 4-21-2007.)