DFI-SL 17.11(1)(1) Segregation of trust assets and joint custody. The investments of each account shall be kept separate from the assets of the association, and shall be placed in the joint custody or control of not fewer than 2 of the officers or employees of the association designated for that purpose either by the board of directors of the association or by one or more officers designated by the board of directors of the association, and all such officers and employees shall be adequately bonded. To the extent permitted by law, an association may permit the investments of a fiduciary account to be deposited elsewhere.

DFI-SL 17.11(2)(2) Segregation of accounts. The investments of each account shall be either:

DFI-SL 17.12(1)(1) General. If the amount of the compensation for acting in a fiduciary capacity is not regulated by local law or provided for in the instrument creating the fiduciary relationship or otherwise agreed to by the parties, an association acting in such capacity may charge or deduct a reasonable compensation for its services. When the association is acting in a fiduciary capacity under appointment by a court, it shall receive the compensation allowed or approved by that court or by local law.

DFI-SL 17.12(2)(2) Officer or employee of association as co-fiduciary. No association may except with the specific approval of its board of directors, permit any of its officers or employees, while serving as a co-fiduciary, to retain any compensation for acting as a co-fiduciary with the association in the administration of any account undertaken by it.

DFI-SL 17.12(3)(3) Bequests or gifts to trust officers and employees. No association may permit an officer or employee engaged in the operation of its trust department to accept a bequest or gift of assets held in a fiduciary capacity by the association unless the bequest or gift is directed or made by a relative or is approved by the board of directors of the association.

DFI-SL 17.13(1)(1) When not prohibited by local law, funds held by an association as fiduciary may be held in:

DFI-SL 17.13(1)(a)(a) A common trust fund maintained by the association exclusively for the collective investment and reinvestment of moneys contributed to the common trust fund by the association in its capacity as trustee, executor, administrator, personal representative, guardian, or custodian under a uniform gifts to minor act;

DFI-SL 17.13(1)(b)(b) A fund consisting solely of assets of retirement, pension, profit sharing, stock bonus or other trusts which are exempt from federal income taxation under the Internal Revenue Code.

DFI-SL 17.13(2)(2) Collective investments of funds or other property by an association under sub. (1) shall be administered in accordance with s. DFI-SL 17.14. Any documents required to be filed with the comptroller of the currency under 12 CFR 9.18 shall also be filed with the division who may review the documents for compliance with all relevant laws and rules.

DFI-SL 17.13(3)(3) As used in this section and s. DFI-SL 17.14, the term association includes 2 or more associations which are members of the same affiliated group with respect to any fund established under this section of which any of the affiliated associations is trustee, or of which 2 or more of the affiliated associations are co-trustees.

DFI-SL 17.14DFI-SL 17.14 Common trust funds. Investment of funds or other property under s. DFI-SL 17.13 shall be administered as follows:

DFI-SL 17.14(1)(1) Each collective investment fund shall be established and maintained in accordance with a written plan which shall be approved by a resolution of the association’s board of directors and filed with the division. A copy of the plan shall be available at the principal office of the association for inspection during all business hours, and upon request a copy of the plan shall be furnished to any person. The plan shall contain appropriate provisions not inconsistent with this chapter as to the manner in which the fund is to be operated. The plan shall include provisions relating to:

DFI-SL 17.14(1)(a)(a) The investment powers and a general statement of the investment policy of the association with respect to the fund;

DFI-SL 17.14(1)(e)(e) The basis and method of valuing assets in the fund, setting forth specific criteria for each type of asset;