Ohio § 1111.14

§ 1111.14.

A trust company may do any of the following: (A) Collectively invest assets it holds in any fiduciary capacity in any investment authorized

by the superintendent of financial institutions, subject to all of the following conditions

that apply: (1) The collective investment is not prohibited by the instrument, judgment, decree,

or order creating the fiduciary relationship for any of the following reasons: (a) The investment is being made collectively; (b) The character of some or all of the other fiduciary relationships for which assets

are also invested; (c) Any relationship, other than as an investing fiduciary, the trust company or any

affiliate of the trust company has to the investment; (d) Any relationship any other person has to the collective investment. (2) The collective investment is a proper investment for the assets.  In determining whether the collective investment is a proper investment for the

assets, the collective investment shall be considered as a whole, with consideration

being given to all assets held in the collective investment, and the inclusion of

any asset that would not independently be a proper investment shall not be determinative. (3) If the trust company is not the sole fiduciary of the assets, the trust company has

procured the written consent of the cofiduciaries to the investment.  Any person serving with a trust company as a cofiduciary of property in this state

has the authority to consent to the investment of the property in a collective investment

vehicle that either is established or managed by the cofiduciary trust company or

an affiliate of the cofiduciary trust company or in which the cofiduciary participates

in the formation, ownership, or operation. (B) Establish and maintain one or more collective investment funds, consistent with regulations

adopted by the comptroller of the currency and rules adopted by the superintendent,

for the collective investment of assets held by the trust company or any of its affiliates

in any fiduciary capacity, to which funds both of the following apply: (1) The trust company may charge a reasonable fee for the management of a collective

investment fund, provided that the amount of the fee shall not exceed an amount commensurate

with the value of legitimate services of tangible benefit to the participant that

the participant would not have received if no assets of the participant had been invested

in participations in the fund.  However, in the case of investments by a collective investment fund in an affiliated

investment company, the trust company may charge a fee as provided in division (B)(2)

of this section.  Any fee received by the trust company may be charged either to the income or principal

of the fund or apportioned between them.  The trust company may charge a fee for reasonable expenses incurred in the administration

of the fund.  A trust company shall not charge a fee for expenses incurred in establishing or

reorganizing the fund. (2) A collective investment fund may invest in any affiliated investment company, provided

that any fee that is paid to the trust company or person owned or controlled by the

bank holding company that owns or controls the trust company is a reasonable fee for

the services provided.  Any such fee may be in addition to compensation that the trust company is otherwise

entitled to receive. A collective investment fund that invests in an affiliated investment company shall,

when providing any periodic account statements to the trust fund, report the net asset

value of the shares comprising the investment of the trust fund in the affiliated

investment company. If a collective investment fund invests in an affiliated investment company, the collective

investment fund shall disclose, in at least ten-point boldface type, by prospectus,

by annual account statement, or by any other written means to all persons entitled to receive statements of account activity, that the

affiliated investment company is not insured or guaranteed by the federal deposit

insurance corporation or by any other government agency or government-sponsored agency

of the federal government or of this state. (C) Participate in the formation, ownership, or operation of one or more fiduciary investment

companies established and operated in accordance with rules adopted by the superintendent.