§ 100-c. Common trust funds. 1. For the purpose of investment and\nreinvestment of moneys received and held by any trust company as\nexecutor, administrator, guardian, trustee, donee of power during\nminority to manage property vested in an infant, custodian under any\nUniform Gifts to Minors Act, any Uniform Transfers to Minors Act or The\nNew York Uniform Transfers to Minors Act, conservator or committee, such\ntrust company may establish and maintain common trust funds and short\nterm investment common trust funds. In any case where the instrument or\nthe order, decree or judgment under which such moneys are held does not\nforbid, such trust company, either alone or in conjunction with one or\nmore other persons acting with it in any fiduciary capacity, may invest\nand reinvest such moneys or any part thereof by adding the same to any\nsuch common trust funds and short term investment common trust funds.\nSuch trust company shall have the same power to invest common trust\nfunds in securities of any management type investment company or\ninvestment trust, registered pursuant to the federal investment company\nact of nineteen hundred forty, as is set forth in, and subject to the\nprovisions of, sections 11-2.2 and 11-2.3 of the estates, powers and\ntrusts law.\n 2. Notwithstanding any other provision of law, a trust company may\ndeposit securities investments of a common trust fund, or arrange for\nthe deposit of such investments through a subcustodian, (a) with a\nclearing corporation pursuant to EPTL 11-1.9, (b) with a federal reserve\nbank pursuant to EPTL 11-1.8, or (c) with a securities depository,\nclearing agency, or bank, whether or not subject to the laws of a\njurisdiction other than the United States of America, or any state or\nsubdivision thereof, for the account of the trust company and such\ninvestments shall be deemed for the purposes of this section to be in\nthe custody of such trust company.\n 3. A common trust fund shall not be deemed a separate trust fund on\nwhich commissions or other compensation is allowable and no trust\ncompany maintaining such a fund shall make any charge against such fund\nfor the management thereof. Provided, however, that in those instances\nwhere a trust company invests common trust funds in securities of any\nmanagement type investment company or investment trust pursuant to the\nprovisions of subdivision one of this section, such trust company may\ncharge the common trust fund for the fees and expenses of such\nsecurities pursuant to and consistent with the provisions of sections\n11-2.2 and 11-2.3 of the estates, powers and trusts law.\n 4. If money of an estate, trust or fund or any part thereof held by a\ntrust company in conjunction with one or more other persons in any\nfiduciary capacity is invested in a common trust fund, the participating\ninterest therein so acquired shall be withdrawn therefrom upon the\nwritten request of any such other person acting in such fiduciary\ncapacity with such trust company.\n 5. If any investment held in a common trust fund shall cease to be\neligible as a new investment of such common trust fund, the trust\ncompany maintaining the common trust fund, prior to any further\nadditions to or withdrawals from such fund, either shall sell such\ninvestment or shall set the same apart in a liquidating account for the\nbenefit ratably of each participant then interested in such common trust\nfund.\n 6. At least once every ten years, each trust company maintaining a\ncommon trust fund shall file an account of its proceedings in respect\nthereof either in the office of the clerk of the supreme court or in the\noffice of the surrogate in any county in which such trust company\nmaintains an office.\n Upon the filing of the petition for the settlement of such account,\nthe court shall assign a time and place for a hearing on the settlement\nof such account and order notice thereof by: (a) one publication not\nless than twenty days prior to the
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