California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 4 - Operations-General › Article 1 - Advertising › Section 104.501 - Definitions

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Unless the context requires otherwise, as used in this
					 subchapter:
(a) "Account" means the
				  trust, estate or other fiduciary relationship which has been established with
				  an association;
(b) "Custodian
				  under a uniform gifts to minors act" means an account established pursuant to a
				  state law which is substantially similar to the Uniform Gifts to Minors Act as
				  published by the American Law Institute and with respect to which the
				  association operating such account has established to the satisfaction of the
				  Secretary of the Treasury that it has duties and responsibilities similar to
				  the duties and responsibilities of a trustee or guardian;
(c) "Fiduciary" means an association
				  undertaking to act alone, through an affiliate, or jointly with others
				  primarily for the benefit of another in all matters connected with its
				  undertaking and includes trustee, executor, administrator, guardian, receiver,
				  managing agent, registrar of stocks and bonds, escrow, transfer, or paying
				  agent, trustee of employee pension, welfare and profit-sharing trusts, and any
				  other similar capacity;
(d)
				  "Fiduciary records" means all matters which are written, transcribed, recorded,
				  received or otherwise come into the possession of an association and are
				  necessary to preserve information concerning the actions and events relevant to
				  the fiduciary activities of an association;
(e) "Guardian" means the guardian,
				  conservator, or committee by whatever name employed by local law, of the estate
				  of an infant, an incompetent individual, an absent individual, or a competent
				  individual over whose estate a court has taken jurisdiction, other than under
				  bankruptcy or insolvency laws;
(f)
				  "Investment authority" means the responsibility conferred by action of law or a
				  provision of an appropriate governing instrument to make, select or change
				  investments, review investment decisions made by others, or to provide
				  investment advice or counsel to others;
(g) "Local law" means the law of the State of
				  California or other jurisdiction governing the fiduciary
				  relationship;
(h) "Managing agent"
				  means the fiduciary relationship assumed by an association upon the creation of
				  an account which names the association as agent and confers investment
				  discretion upon the association;
(i) "State-chartered corporate fiduciary"
				  means any state bank, trust company, or other corporation which comes into
				  competition with associations and is permitted to act in a fiduciary capacity
				  under the laws of the state in which the association is located;
(j) "Trust department" means that group or
				  groups of officers and employees of an association or of an affiliate of an
				  association to whom are assigned the performance of fiduciary services by the
				  association;
(k) "Trust powers"
				  means the power to act in any fiduciary capacity authorized by Section
				  403 of the Depository Institutions
				  Deregulation and Monetary Control Act of
				  1980, Pub.
				  L No. 96-221, 94 Stat. 132, 12 U.S.C. Section
				  1464(n). Under that Act, a
				  federal association may be authorized to act, when not in contravention of
				  local law, as trustee, executor, administrator, guardian, receiver, managing
				  agent, registrar of stocks and bonds, escrow, transfer, and paying agent,
				  trustee of employee pension, welfare, and profit-sharing trusts, or in any
				  other fiduciary capacity which state-chartered corporate fiduciaries exercise
				  under local law: provided, that the granting to, and exercise of, such powers
				  shall not be deemed to be in contravention of state or local law whenever the
				  laws of such state authorize or permit the exercise of any or all of the
				  foregoing powers by state banks, trust companies, or other corporations which
				  compete with federal associations.
(l) The definitions set forth in the law and
				  in Sections
				  1 through
				  21,
				  Financial Code, are incorporated by reference.
1. Change
					 without regulatory effect renumbering former Section
					 245.1 to Section
					 104.501 (Register 87, No. 14). For
					 prior history, see Register 81, No. 25.
Note: Authority cited: Section
						5500.5,
						Financial Code. Reference: Title 10, Calif. Adm. Code, Chapter 2, Subchapter 3,
						Article 5, (Section
						103.500)and Subchapter 4, Article
						5 (Section
						104.500 et. seq.); and Sections
						5003 and
						5501.5,
						Financial Code.