§ 550.13 - Collective investment.

(a) When not in contravention of local law, funds held by a Federal savings association as fiduciary may be held in:

(1) A common trust fund maintained by the Federal savings association exclusively for the collective investment and reinvestment of moneys contributed thereto by the Federal savings association in its capacity as trustee, executor, administrator, guardian, or custodian under a Uniform Gifts to Minors Act; or

(2) A fund consisting solely of assets of retirement, pension, profit sharing, stock bonus or other trusts which are exempt from Federal income taxation under the Internal Revenue Code.

(b) Collective investments of funds or other property by a Federal savings association under paragraph (a) of this section shall be administered in accordance with Comptroller of the Currency Regulation 9.18, 12 CFR 9.18: provided, That any documents required to be filed with the Comptroller of the Currency under that regulation shall also be filed in accordance with the filing instructions in § 516.1(c) of this chapter and that the OTS may review such documents for compliance with these and other laws and regulations.

(c) As used in this section, the term Federal savings association shall include two or more Federal savings associations which are members of the same affiliated group with respect to any fund established pursuant to § 550.13 of this part of which any of such affiliated Federal savings associations is trustee, or of which two or more of such affiliated Federal savings associations are co-trustees.