Sec. 424.110. POOL MANAGER TO MAINTAIN ASSETS; CUSTODY AGREEMENT. (a) The pool manager shall maintain the assets of the investment pool in one or more accounts, in the name of or on behalf of the pool, under a custody agreement with a qualified bank. (b) The custody agreement must: (1) state and recognize the claims and rights of each participant; (2) acknowledge that the investment pool's underlying assets are held solely for the benefit of each participant in proportion to the aggregate amount of the participant's investments in the pool; and (3) contain an agreement that the pool's underlying assets may not be commingled with the general assets of the custodian qualified bank or any other person.
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