386.560 Purchase of own stock -- Responsibility and liability -- Compliance with regulations of comptroller of currency. (1) A fiduciary investment company may acquire, purchase or redeem its own stock and shall, by means of contract or by its bylaws, bind itself to acquire, purchase or redeem its own stock, but it shall not vote shares of its own stock theretofore redeemed. (2) A fiduciary investment company shall not be responsible for ascertaining the investment powers of any fiduciary who may purchase its stock and shall not be liable for accepting funds from a fiduciary in violation of restrictions of the will, trust indenture or other instrument under which such fiduciary is acting in absence of actual knowledge of such violation, and shall be accountable only to the supervisory agency and the fiduciaries who are the owners of its stock. (3) Every fiduciary investment company having a national bank as investment adviser shall comply with all applicable rules and regulations of the comptroller of the currency. History: Created 1974 Ky. Acts ch. 300, sec. 7.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
