The Arizona Revised Statutes have been updated to include the revised sections from the 54th Legislature, 2nd Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 55th Legislature, 1st Regular Session, which convenes in January 2021.
This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
A. In addition to other investments authorized by law, a bank or trust company that is acting as a fiduciary may invest and reinvest in the securities of an open-end or closed-end management investment company or investment trust that is registered under the investment company act of 1940 (15 United States Code section 80a-1), as amended, if the portfolios of that investment company or investment trust consist of investments permitted by the applicable fiduciary instrument. A bank or trust company may invest in these securities notwithstanding that the bank or trust company, or an affiliate of the bank or trust company, provides services to the investment company or investment trust as an investment adviser, custodian, transfer agent, registrar, sponsor, distributor, administrator, manager or otherwise and receives reasonable remuneration for those services.
B. A bank or trust company that invests and reinvests in the securities of an open-end or closed-end management investment company or investment trust authorized under subsection A of this section shall disclose in the statement of the fiduciary account to all persons whose funds are invested in the investment company or investment trust that the bank or trust company provides services for and receives fees from the open-end or closed-end management company or investment trust. A person who complies with the requirements of section 14-10802, subsection F satisfies the disclosure requirements of this subsection.
C. A bank may purchase for its own account any class of equity securities issued by a banker's bank, as defined in section 6-204, if the aggregate investment does not exceed ten per cent of the bank's capital.