(1) In administering a unitrust under this part, a fiduciary shall follow a unitrust policy adopted under Subsection 22-3-303(1)(a) or (b) or amended or replaced under Subsection 22-3-303(1)(b).

(2) A unitrust policy must provide: (a) the unitrust rate or the method for determining the unitrust rate under Section 22-3-306; (b) the method for determining the applicable value under Section 22-3-307; and (c) the rules described in Sections 22-3-306 through 22-3-309 which apply in the administration of the unitrust, whether the rules are: (i) mandatory, as provided in Subsections 22-3-307(1) and 22-3-308(1); or (ii) optional, as provided in Section 22-3-306 and Subsections 22-3-307(2), 22-3-308(2), and 22-3-309(1), to the extent the fiduciary elects to adopt those rules.

(a) the unitrust rate or the method for determining the unitrust rate under Section 22-3-306;

(b) the method for determining the applicable value under Section 22-3-307; and

(c) the rules described in Sections 22-3-306 through 22-3-309 which apply in the administration of the unitrust, whether the rules are: (i) mandatory, as provided in Subsections 22-3-307(1) and 22-3-308(1); or (ii) optional, as provided in Section 22-3-306 and Subsections 22-3-307(2), 22-3-308(2), and 22-3-309(1), to the extent the fiduciary elects to adopt those rules.

(i) mandatory, as provided in Subsections 22-3-307(1) and 22-3-308(1); or

(ii) optional, as provided in Section 22-3-306 and Subsections 22-3-307(2), 22-3-308(2), and 22-3-309(1), to the extent the fiduciary elects to adopt those rules.