Section 402.202

Title XXVI TRADE AND COMMERCE

Chapter 402

Effective - 28 Aug 2011   

  402.202.  Trust accounts, restricted trust accounts, charitable trust — administered as Missouri family trust — pooling permitted — additional board powers. — 1.  Trust accounts, restricted trust accounts, and the charitable trust shall be held and administered in trust as the Missouri family trust.  The charitable trust, the restricted accounts and the trust accounts shall each be maintained in trust as separate accounts, but may be pooled for purposes of investment and management.  Assets of the Missouri family trust shall not be considered state money, assets of the state or revenue for any purposes of the state constitution or statutes.

  2.  The board of trustees shall act as the trustee of the Missouri family trust.  The board of trustees, as trustee, shall administer the Missouri family trust pursuant to the provisions of sections 402.199 to 402.208 and pursuant to the policies, procedures, rules, and regulations of the board of trustees.

  3.  In addition to the powers and duties granted to the board pursuant to sections 402.199 to 402.208, in its capacity as trustee of the trust the board shall have all powers granted to trustees acting under chapter 456, as now in effect or hereafter amended; provided, that section 456.8-813 regarding the duty to inform and report to the beneficiaries shall not apply to the trust, except as mandated under section 456.1-105.

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(L. 2011 S.B. 70)