(a) For each common trust fund that it administers, a trust company shall set valuation dates at regular intervals of not more than 3 months.
(b) At regular intervals of not more than 12 months, a trust company shall have an audit of each common trust fund by an independent certified public accountant who shall report directly to the board of directors of the trust company.
(c) (1) A trust company that administers a common trust fund may apply to a court for approval of an accounting of the fund.
(2) A petition for approval of an accounting under this section shall be made to the court of equity for the county where the trust company has its principal banking office.
(3) A court may impose conditions and notice requirements before approving an accounting under this section.
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