KRS 386A.5-120: Independent trustee in registered investment company.

(1) In this section, "affiliated person" and "interested person" have the meanings set

forth in the Investment Company Act of 1940, Pub. L. No. 76 -768, as amended, or

any successor statute and any regulations issued thereunder.

(2) If a statutory trust is regi stered as an investment company under the Investment

Company Act of 1940, Pub. L. No. 76 -768, as amended, or any successor statute

and any regulations issued thereunder, a trustee is an independent trustee for all

purposes under this chapter if the trustee is not an interested person of the trust. The

receipt of compensation does not affect the status of the trustee as an independent

trustee under this section if it is for:

(a) Service as an independent trustee of the trust; or

(b) Service as an independent trustee of one (1) or more other investment

companies managed by a single investment adviser or an affiliated person of

an investment adviser.