Rules and Regulations
promulgated
under the
Investment Company Act of 1940
Rule 3c-4 -- Definition of "Common Trust Fund" as Used in Section 3(c)(3) of the Act
The term common trust fund as used in section
3(c)(3) of the Act shall include a common trust fund which is maintained by a
bank which is a member of an affiliated group, as defined in section 1504(a) of the
Internal Revenue Code of 1954, and which is maintained exclusively for the collective
investment and reinvestment of monies contributed thereto by one or more bank members
of such affiliated group in the capacity of trustee, executor, administrator, or
guardian; Provided, That:
The common trust fund is operated in compliance with
the same State and Federal regulatory requirements as would apply if the bank maintaining
such fund and any other contributing banks were the same entity; and
The rights of persons for whose benefit a contributing
bank acts as trustee, executor, administrator, or guardian would not be diminished
by reason of the maintenance of such common trust fund by another bank member of
the affiliated group.
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