Kentucky Revised Statutes Title XXV. Business and Financial Institutions § 286.3-230.Common trust funds; consent of cofiduciary

(1) Any trust company or bank empowered to act as a fiduciary under the laws of this state and subject to examination by state or federal banking authorities may establish and maintain one (1) or more common trust funds for the collective investment of funds held in any fiduciary capacity by such trust company or bank or by an affiliate of the trust company or bank including, without limitation, funds held as agent where the trust company, bank, or affiliate exercises investment discretion and assumes fiduciary responsibilities.

(2) Before establishing a common trust fund as provided in subsection (1) of this section, the trust company or bank shall file with the commissioner a statement of the plan under which it proposes to establish, maintain, operate, and ultimately liquidate the trust fund, and shall secure the written approval of the plan by the commissioner.

(3) After such a trust fund has been established, it may be modified or amended by filing with the commissioner a statement setting forth the proposed modification or amendment, and securing the written approval of the change by the commissioner.

(4) The bank, trust company, or affiliate shall at all times maintain definite records showing all securities and properties held in such fund.

(5) The trust company, bank, or affiliate may invest funds held by it in any fiduciary capacity in one (1) or more common trust funds established as provided in subsection (1) of this section, or one (1) or more common trust funds wherever located established, owned, or controlled by an affiliate of the trust company, bank, or affiliate so long as:

(6) As used in subsection (1) of this section, “affiliate of the trust company or bank” means any trust company, bank, or other entity that controls, is controlled by, or is under common control with the trust company, bank, or other entity.