Any bank or trust company qualified to act as fiduciary in this state may establish common trust funds or collective investment funds for the purpose of furnishing investments to itself as fiduciary, or to itself and others, as cofiduciaries.

Any common trust fund or collective investment fund authorized by this chapter shall be established and maintained in accordance with 12 C.F.R. § 9.18 as of January 1, 2011.

Source: SL 1941, ch 20, § 1; SDC Supp 1960, § 6.0901; SL 2011, ch 212, § 23.