KRS 386.520: Formation of company -- Approval -- Regulations.

Four (4) or more trust institutions may cause a fiduciary investment company or

companies to be organized and incorporated, but no trust institution or foreign trust

institution may own an interest in more than seven (7) fiduciary investment companies. A

fiduciary investment company shall not begin business except to select an investment

advisor, until it is approved by the appropriate supervisory agency. A fiduciary

investment company shall be subject to such regulations as its supervisory agency may

from time to time prescribe.