Kan. Admin. Regs. § 17-23-1 - Definitions
For the purposes of article 23, the following definitions shall apply.
(a) "Account " means the trust,
estate or other fiduciary relationship that has been established with a bank or
trust company.
(b) "Bank " means a
corporation as defined in
K.S.A.
9-701(a) and amendments
thereto. With respect to any fund established pursuant to
K.S.A.
9-1609 and amendments thereto, "bank " shall
also mean two or more banks or trust companies that are members of the same
affiliated group and are cotrustees of the fund.
(c) "Cash management vehicle " means any
checking, savings or money market account that is used to accumulate cash for
payments to or for beneficiaries, or is used to accumulate cash for the purpose
of making investments.
(d)
"Collective investment fund " means funds held by a bank or trust company as
fiduciary and invested collectively in either of the following:
(1) A common trust fund maintained by the
bank or trust company exclusively for the collective investment and
reinvestment of moneys contributed thereto by the bank or trust company in its
capacity as trustee, executor, administrator, conservator, or as custodian
under the uniform transfers to minors act,
K.S.A.
38-1701 et seq., and amendments thereto, or
any state law substantially similar to the uniform gifts to minors act or the
uniform transfers to minors act as published by the national conference of
commissioners on uniform state laws; or
(2) a fund consisting solely of assets of
retirement, pension, profit sharing, stock bonus or other trusts that are
exempt from federal income taxation under the internal revenue code.
(e) "Conservator " means an
individual or a corporation who is appointed by the court to act on behalf of a
conservatee and who is possessed of some or all of the powers and duties set
out in K.S.A. 59-3019 and amendments thereto.
(f) "Custodian under a uniform transfers to
minors act" means an account established pursuant to the uniform transfers to
minors act,
K.S.A.
38-1701 et seq. and amendments thereto, or
pursuant to any state law substantially similar to the uniform gifts to minors
act or the uniform transfers to minors act as published by the national
conference of commissioners on uniform state laws.
(g) "Customer " means any person or account ,
including any agency, trust, estate, guardianship, committee, or other
fiduciary account for which a bank or trust company effects or participates in
effecting the purchase or sale of securities, but shall not include a broker,
dealer, dealer bank or issuer of the securities that are subject to the
transactions.
(h) "Fiduciary "
means, unless otherwise defined in the operative agreement between the parties,
a bank or trust company undertaking to act alone or jointly with others
primarily for the benefit of another in all matters connected with its
undertaking, and shall include a trustee, executor, administrator, registrar of
stocks and bonds, transfer agent, custodian under any state law substantially
similar to the uniform transfers to minors act or the uniform gifts to minors
act as published by the national conference of commissioners on uniform state
laws, conservator of estates, assignee, receiver, managing agent, custodian or
any other similar capacity in which the person or entity has investment
authority or investment discretion.
(i) "Fiduciary powers" means the power to act
in any fiduciary capacity conveyed by the Kansas uniform powers act.
(j) "Fiduciary records" means all matters
that are written, transcribed, recorded, received, or otherwise come into
possession of a bank or trust company and are necessary to preserve information
concerning the acts and events relevant to the fiduciary activities of the bank
or trust company.
(k) "Investment
authority " means the responsibility conferred by action of law or a provision
of an appropriate governing instrument to make, select or change investments;
to review investment decisions made by others; or to provide investment advice
or counsel to others.
(l)
"Investment discretion ," with respect to an account , means that the bank or
trust company is authorized to determine what securities or other property will
be purchased or sold by or for the account .
(m) "Managing agent " means the fiduciary
relationship assumed by the bank or trust company upon the creation of an
account that names the bank or trust company as agent and confers investment
discretion upon the bank or trust company.
(n) "Periodic plan," including any dividend
reinvestment plan, automatic investment plan and employee stock purchase plan,
means any written authorization for a bank acting as agent to purchase or sell
for a customer a specific security or securities, either in specific amounts,
calculated in security units or dollars, or to the extent of dividends and
funds available, at specific time intervals and setting forth the commission or
charges to be paid by the customer in connection therewith or the manner of
calculating them.
(o) "Security "
means any interest or instrument commonly known as a "security ," whether in the
nature of debt or equity, including any stock, bond, note, debenture, evidence
of indebtedness or any participation in or right to subscribe to or purchase
any of the foregoing. The term "security " shall not include any of the
following:
(1) A deposit or share account in
a federally or state insured depository institution;
(2) a loan participation;
(3) a letter of credit or other form of bank
indebtedness incurred in the ordinary course of business;
(4) currency;
(5) any note, draft, bill of exchange, or
bankers acceptance that has a maturity at the time of issuance of not more than
nine months, exclusive of days of grace, or any renewal thereof the maturity of
which is likewise limited;
(6)
units of a collective investment fund ;
(7) interests in a variable amount or a note
as defined in paragraph (c)(2)(B) of K.A.R. 17-23-11; or
(8) U.S. savings bonds.
(p) "Trust committee " means the board of
directors or any committee charged, by the board of directors, with the
responsibility for administration and supervision of a bank trust department or
the trust activities of a trust company. The "trust committee" may assign
responsibility to other committees or individuals, as is necessary and
appropriate.
(q) "Trust company "
means those companies as defined in
K.S.A.
9-701(b) and amendments
thereto. With respect to any fund established pursuant to
K.S.A.
9-1609 and amendments thereto, "trust
company " shall also mean two or more banks or trust companies that are members
of the same affiliated group and are cotrustees of the fund.
(r) "Trust department " means that group or
groups of officers and employees of a bank or trust company organized under the
supervision of officers or employees to whom are designated by the board of
directors the performance of the fiduciary responsibilities of the bank or
trust company, whether or not the group or groups are so named.
Notes
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