HB0073 Copeland, Gene Williams, Marilyn A

P R E F I L E D

HB 73 -- Bank and Trust Companies

Co-Sponsors: Copeland, Williams (159)

This bill allows banks and trust companies, upon application and acceptance by the Director of Finance, to hold their board of directors meeting once every calendar quarter instead of monthly.

The bill also allows banks and trust companies to sell any part of their business, assets, or any part of their banking department to a savings and loan.

The bill allows any bank or trust company acting as a trustee or otherwise in a fiduciary capacity with respect to investment or reinvestment of assets to invest in mutual funds. The bank or trust company acting in this capacity will receive a fiduciary fee and in no way be required to waive or reduce its compensation in connection with the investment in a mutual fund.