(a) Any trustee may receive compensation for services, as specified in this subsection,
from a corporation or other business enterprise, where the trust estate owns an interest
in the corporation or other business enterprise, provided that:
(1) The services provided by the trustee to the corporation or other business enterprise
are of a managerial, executive, or business advisory nature;
(2) The compensation received for the services is reasonable; and
(3) The services are performed and the trustee is paid pursuant to a contract executed
by the trustee and the corporation or business enterprise, which contract is approved
by a majority of those members of the board of directors or other similar governing
authority of the corporation or business enterprise who are not officers or employees
of the trustee and are not related to the trustee and provided, further, that the
contract is approved by the court.
(b) Any trustee receiving compensation from a corporation or other business enterprise
for services to it as described in subsection (a) of this Code section shall not receive
extra compensation in respect to such services as provided in Code Section 53-12-212; provided, however, that nothing in this Code section shall prohibit the receipt
by the trustee of extra compensation for services rendered in respect to other assets
or matters involving the trust estate.
(c) Nothing in this Code section shall prohibit the receipt by trustees of normal
commissions and compensation for the usual services performed by trustees pursuant
to law or pursuant to any fee agreement executed by the settlor.
(d) The purpose of this Code section is to enable additional compensation to be paid
to trustees for business management and advisory services to corporations and business
enterprises pursuant to contract, without the necessity of petitioning for extra compensation
pursuant to Code Section 53-12-212.
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