(a) Any bank or trust company qualified to act as fiduciary in this state may establish and administer common trust funds composed of property permitted by law for investment in trust funds for the purpose of furnishing investments to: (i) Itself as fiduciary; (ii) Itself and others as cofiduciaries; (iii) Any affiliated bank or trust company including any foreign affiliated bank or trust company as fiduciary; (iv) Any affiliated bank or trust company including any foreign affiliated bank or trust company and others as cofiduciaries; or (v) Any combination of the entities listed in paragraphs (i) through (iv) of this subsection. (b) Any bank or trust company may as fiduciary or cofiduciary invest funds which it lawfully holds for investment in interests in common trust funds administered by itself or by any affiliated bank or trust company, if such investment is not prohibited by the instrument, judgment, decree, order, or statute creating or governing the fiduciary relationship, and if, in the case of a cofiduciary, the bank or trust company procures the consent of its cofiduciary in such investment.
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