{"data":{"id":"us-ky/krs-386.510","jurisdiction":"us-ky","citation":"KRS 386.510","heading":"Definitions for KRS 386.510 to 386.590.","body":"As used in KRS 386.510 to 386.590, the following terms shall be construed to have the\nmeaning set forth by this section, unless a contrary meaning clearly appears from the\ncontext:\n(1) The term \"trust institution\" means any of the following corporations ha ving trust\npowers and authorized to act in a fiduciary capacity under the laws of Kentucky:\nAny state bank or trust company incorporated under the laws of Kentucky and any\nnational banking association incorporated under the laws of the United States and\nhaving its principal office in Kentucky;\n(2) The term \"investment adviser\" of a fiduciary investment company means (a) any\ntrust institution which, pursuant to contract with a fiduciary investment company\npossessing the qualifications provided by KRS 386.510  to 386.590, regularly\nfurnishes advice to such investment company with respect to the desirability of\ninvesting in, purchasing or selling securities or other property or is empowered to\ndetermine what securities or other property shall be purchased or sol d by such\ninvestment company, and (b) any person other than a trust institution, who, pursuant\nto contract with such trust institution, regularly performs substantially all of the\nduties undertaken by such trust institution;\n(3) The term \"fiduciary investm ent company\" means a corporation which is an\ninvestment company as defined by the Act of Congress entitled \"Investment\nCompany Act of 1940\" approved August 22, 1940, as amended, and is incorporated\nin accordance with the \"Kentucky Business Corporation Act\"  as to constitute a\nmedium for the investment of funds held by trust institutions and foreign trust\ninstitutions in a fiduciary capacity, either alone or with one (1) or more\ncofiduciaries;\n(4) The term \"supervisory agency\" means (a) the comptroller of the  currency of the\nUnited States with respect to any fiduciary investment company having a national\nbanking association as an investment adviser, and (b) the commissioner of financial\ninstitutions of the Commonwealth of Kentucky with respect to any fiduciary\ninvestment company having a state bank as an investment adviser. The term shall\nmean the commissioner of financial institutions of the Commonwealth of Kentucky\nwith respect to any fiduciary investment company which does not have an\ninvestment adviser; and\n(5) The term \"foreign trust institution\" means any state bank or trust company\norganized under the laws of any state other than Kentucky or any national banking\nassociation incorporated under the laws of the United States and having its principal\noffice in some state other than Kentucky, which has trust powers and is authorized\nto act in a fiduciary capacity under the laws under which it was incorporated.","path":["KRS Chapter 386"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=35945","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:59:16Z","sha256":"53c65444c189593c663146be72e9e2aa0a209e753317e8e67be9e04a46061c41","source_id":"us-ky","stale":false,"prev":"us-ky/krs-386.504","next":"us-ky/krs-386.520"},"notice":"GroundRules: Original legal text. Not legal advice."}