Hawaii Revised Statutes 431:6-322 – Common trust funds; mutual funds; and exchange traded funds
“Common trust funds” means a fund maintained by a bank exclusively for the collective investment and reinvestment of moneys contributed by the bank in its capacity as a trustee, executor, administrator, guardian, or custodian of accounts as defined in section 584 of the Internal Revenue Code of 1986, as amended.
“Exchange traded fund” means a security that tracks an index, commodity, or basket of assets similar to an index fund, is registered with the federal Securities and Exchange Commission under the Investment Company Act of 1940, as amended, and is traded on a public exchange.
“Mutual funds” means an investment company that is registered with the federal Securities and Exchange Commission under the Investment Company Act of 1940 (15 United States Code § 80a-1, et seq.), as amended.
Terms Used In Hawaii Revised Statutes 431:6-322
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Executor: A male person named in a will to carry out the decedent
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Trustee: A person or institution holding and administering property in trust.