633.123A Investments in investment companies and investment trusts. 1. a. Notwithstanding any other provision of law, a bank or trust company acting as a fiduciary, in addition to other investments authorized by law for the investment of fundsby a fiduciary or by the instrument governing the fiduciary and in the exercise of itsinvestment discretion or at the direction of another person authorized to direct investmentof funds held by the fiduciary, may invest and reinvest such funds in the securities of anopen-end or closed-end management investment company or investment trust registeredunder the federal Investment Company Act of 1940, 15 U.S.C. §80a-1 et seq. Investmentand reinvestment under this section is allowed as long as the portfolio of such investmentcompany or investment trust consists substantially of investments not otherwise prohibitedby chapter 633A, subchapter IV, part 3, or by the governing instrument. b. Investment and reinvestment under this section is not precluded merely because the bank or trust company or an affiliate of the bank or trust company provides the services ofan investment advisor, custodian, transfer agent, registrar, sponsor, distributor, or ded merely because the bank or trust company or an affiliate of the bank or trust company provides the services ofan investment advisor, custodian, transfer agent, registrar, sponsor, distributor, or managerto the investment company or investment trust and receives a reasonable fee for the services. 2. This section is applicable to all fiduciaries whether the will, agreement, or other instrument under which they are acting now exists on or before July 1, 1996. 96 Acts, ch 1008, §3; 99 Acts, ch 125, §105, 109; 2005 Acts, ch 38, §55; 2013 Acts, ch 30, §261 Sat Dec 23 11:23:38 2023 Iowa Code 2024, Section 633.123A (37, 0)
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