10 Pa. Code § 15.5 - Participation
(a) Participations
in the collective investment fund shall be on the basis of a proportionate
interest in all of the assets.
(b)
The institution shall consider the fund as a whole when investing funds
received or held by the institution as fiduciary in a participation in a
collective investment fund, and the institution shall not be prohibited from
making an investment of such funds because any particular asset is non-income
producing.
(c) At least annually,
an institution administering a collective investment fund shall determine the
value of the assets in the fund as of the dates set for the valuation of
assets.
(d) No participation shall
be admitted to or withdrawn from the fund except on the basis of the valuation
described in subsection (c). The valuation used as a basis for a participation
admission or withdrawal shall be the most recent valuation.
(e) No participation shall be admitted to or
withdrawn from the fund unless a written request for or notice of intention of
taking such action shall have been entered on or before the valuation date in
the fiduciary records of the institution and approved in such manner as the
board of directors shall prescribe. No such request or notice may be cancelled
or countermanded after the valuation date.
Notes
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