§ 15.5. Participation.
(a) Participations in the collective investment fund shall be on the basis of a proportionate interest in all of the assets.
(b) The institution shall consider the fund as a whole when investing funds received or held by the institution as fiduciary in a participation in a collective investment fund, and the institution shall not be prohibited from making an investment of such funds because any particular asset is non-income producing.
(c) At least annually, an institution administering a collective investment fund shall determine the value of the assets in the fund as of the dates set for the valuation of assets.
(d) No participation shall be admitted to or withdrawn from the fund except on the basis of the valuation described in subsection (c). The valuation used as a basis for a participation admission or withdrawal shall be the most recent valuation.
(e) No participation shall be admitted to or withdrawn from the fund unless a written request for or notice of intention of taking such action shall have been entered on or before the valuation date in the fiduciary records of the institution and approved in such manner as the board of directors shall prescribe. No such request or notice may be cancelled or countermanded after the valuation date.
Source The provisions of this § 15.5 amended January 10, 1986, effective January 11, 1986, 16 Pa.B. 128. Immediately preceding text appears at serial pages (1992) and (1993).
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