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H. B. No. 509As Passed by the HouseAs Passed by the House
124th General Assembly | Regular Session | 2001-2002 |
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REPRESENTATIVES Womer Benjamin, Blasdel, Salerno, Allen, Schmidt, Seitz, Carey, Evans
A BILL
To enact section 1111.15 of the Revised Code to allow
a trust company, under certain circumstances, to
purchase products or services through or from the
trust company or an affiliate or from a syndicate
or selling group that includes the trust company
or
an affiliate.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:
Section 1. That section 1111.15 of the Revised Code be
enacted to read as follows:
Sec. 1111.15. (A) A trust company acting in any fiduciary
capacity, including, but not limited to, the capacities described
in section 1111.11 of the Revised Code, may purchase any service
or product, including, but not
limited to, insurance or securities
underwritten or otherwise
distributed by the trust company or by
an affiliate, through or
directly from the trust company or an
affiliate or from a
syndicate or selling group that includes the
trust company or an
affiliate, provided that the purchase is
otherwise prudent under
sections 1339.52 to 1339.61 of the Revised
Code and the
compensation for the service or product is reasonable
and is not
prohibited by the instrument governing the fiduciary
relationship.
The compensation for the service or product may be
in addition to
the compensation that the trust company is
otherwise entitled to
receive from the fiduciary account. (B) A trust company shall disclose at least annually any
purchase authorized by this section that was made by the trust
company during that reporting period. The disclosure shall be
given, in writing or electronically, to all persons
entitled to
receive statements of account activity, and shall include any
capacities
in which the trust company or an affiliate acts for the
issuer of
the securities or the provider of the products or
services and the fact that
the trust company or an affiliate may
have an interest in the
products or services. (C) This section shall apply to the purchase of securities
made at the time of the initial offering of the securities or at
any time thereafter.
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