South Carolina General Assembly
106th Session, 1985-1986

Bill 3826

                    Current Status

Bill Number:               3826
Ratification Number:       521
Act Number:                470
Introducing Body:          House
Subject:                   Relating to definitions in regard to
                           trust business
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A470, R521, H3826)

AN ACT TO AMEND SECTION 34-21-210, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEFINITIONS IN REGARD TO TRUST BUSINESS, SO AS TO INCLUDE WITHIN THE DEFINITION OF "TRUST INSTITUTION" ANY TRUST COMPANY AUTHORIZED TO ACT IN A FIDUCIARY CAPACITY IN THIS STATE AND UNDER THE SUPERVISION OF THE COMPTROLLER OF THE CURRENCY OF THE UNITED STATES, OR THE FEDERAL RESERVE SYSTEM OR THE STATE BOARD OF BANK CONTROL, AND TO ADD THE DEFINITION OF "AFFILIATE"; TO AMEND SECTION 34-21-220, RELATING TO THE COLLECTIVE INVESTMENT OF FUNDS BY A TRUST INSTITUTION, SO AS TO AUTHORIZE THE AFFILIATE OF A TRUST INSTITUTION TO INVEST IN COMMON TRUST FUNDS WHICH ARE MAINTAINED BY THE TRUST INSTITUTION.

Be it enacted by the General Assembly of the State of South Carolina:

Trust institution

SECTION 1. Item (1) of Section 34-21-210 of the 1976 Code, as last amended by Section 7 of Act 124 of 1985, is further amended to read:

"(1) 'Trust institution' means any state bank, any national bank, any building and loan association, savings association, savings and loan association, savings bank, or any trust company authorized to conduct a trust business in this State; or any trust company, authorized to act in a fiduciary capacity in this State, and under the supervision of the Comptroller of the Currency of the United States, or the Federal Reserve System or the State Board of Bank Control of South Carolina;".

Affiliate

SECTION 2. Section 34-21-210 of the 1976 Code is amended by adding the following item:

"(8) The term 'affiliate' means any bank, state or national, or trust company which is (i) duly authorized to act as a fiduciary, wherever located, (ii) under the supervision of the Comptroller of the Currency of the United States, the Federal Reserve System, or a state banking regulatory board or commission, and (iii) a member of the same affiliated group, as defined in Section 1504 of the Internal Revenue Code of 1954, as amended, as a particular trust institution."

Authorization to invest common trust funds

SECTION 3. Item (1) of Section 34-21-220 of the 1976 Code is amended to read:

"(1) In common trust funds maintained by the trust institution or its affiliate exclusively for the collective investment and reinvestment of monies contributed thereto by the trust institution or its affiliate in their capacities as executor, administrator, committee, guardian, or trustee under a will or deed;".

Time effective

SECTION 4. This act shall take effect upon approval by the Governor.