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Searching 2023-2024 Session

The Vermont Statutes Online

The Vermont Statutes Online have been updated to include the actions of the 2023 session of the General Assembly.

NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.

Title 8 : Banking and Insurance

Chapter 204 : Powers of Financial Institutions

Subchapter 004 : Trust Powers

(Cite as: 8 V.S.A. § 14410)
  • § 14410. Fiduciary investments

    (a) In the absence of an express prohibition in the instrument, judgment, decree, power, order, or other writing creating a trust or other fiduciary relationship, a financial institution acting as fiduciary may invest and reinvest funds held by it in a fiduciary capacity in the securities of an open-end or closed-end investment company or investment trust registered under 15 U.S.C. § 80a-1 to 80a-64 (Investment Company Act of 1940), as that act exists now or as amended in the future.

    (b) The investments authorized in subsection (a) of this section may be made even if the financial institution, or an affiliate thereof, is providing services to the investment company and is receiving reasonable compensation for such services as an advisor, manager, sponsor, administrator, broker, distributor, custodian, shareholder servicing agent, transfer agent, registrar, or any related services. At least annually, the financial institution shall disclose in a clear and conspicuous manner to the principal of each fiduciary account the fees it has charged or received from the investment company, or an affiliate thereof, for such services and the basis upon which compensation is calculated, expressed either in a specific amount or as a percentage of asset value. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)