KRS 386.570: Control by commissioner of financial institutions.

The commissioner of financial institutions shall have authority to adopt and issue

reasonable and uniform rules and regulations to govern the conduct and management of

all fiduciary investment companies having investment advisers other than national banks.

The commissioner of financial institutions may, whenever he may deem it necessary or

expedient, examine every fiduciary investment company contemplated by KRS 386.510

to 386.590 having an investment adviser which is not a national bank. In every such

examination, the commissioner of financial institutions shall make inquiry as to its

financial condition, the policies of its management, whether it is complying with the laws

of Kentucky, and such other matters as the commissioner of financial institutions ma y

reasonably prescribe. In the enforcement of KRS 386.510 to 386.590 and the restrictions

and limitations imposed by their articles of incorporation and bylaws, the commissioner

of financial institutions shall have the same powers and authority with respect to fiduciary

investment companies having investment advisers other than a national bank as are

conferred upon him by the laws of this state with respect to state banks and trust

companies to the same extent and in the same manner as if fiduciary investme nt

companies were expressly named in Subtitle 3 of Chapter 286 of the Kentucky Revised

Statutes.