KRS § 386.560 Purchase of own stock -- Responsibility and liability -- Compliance with regulations of comptroller of currency.

386.560 Purchase of own stock -- Responsibility and liability -- Compliance with regulations of comptroller of currency. (1) A fiduciary investment company may acquire, purchase or redeem its own stock and shall, by means of contract or by its bylaws, bind itself to acquire, purchase or redeem its own stock, but it shall not vote shares of its own stock theretofore redeemed. (2) A fiduciary investment company shall not be responsible for ascertaining the investment powers of any fiduciary who may purchase its stock and shall not be liable for accepting funds from a fiduciary in violation of restrictions of the will, trust indenture or other instrument under which such fiduciary is acting in absence of actual knowledge of such violation, and shall be accountable only to the supervisory agency and the fiduciaries who are the owners of its stock. (3) Every fiduciary investment company having a national bank as investment adviser shall comply with all applicable rules and regulations of the comptroller of the currency. History: Created 1974 Ky. Acts ch. 300, sec. 7.