DFI-SB 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, a savings bank acting in such capacity may charge or deduct a reasonable compensation for its services. When the savings bank 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-SB 17.12(2)(2) Officer or employee of savings bank as co-fiduciary. No savings bank 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 savings bank in the administration of any account undertaken by it.

DFI-SB 17.12(3)(3) Bequests or gifts to trust officers and employees. No savings bank 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 savings bank unless the bequest or gift is directed or made by a relative of the officer or employee or is approved by the board of directors of the savings bank.

DFI-SB 17.13(1)(1) Definition. In this section and in s. DFI-SB 17.14, the term “savings bank” includes 2 or more savings banks which are members of the same affiliated group with respect to any fund established under this section of which any of the affiliated savings banks is trustee, or of which 2 or more of the affiliated savings banks are co-trustees.

DFI-SB 17.13(2)(2) Funds. When not prohibited by local law, funds held by a savings bank as fiduciary may be held in:

DFI-SB 17.13(2)(a)(a) A common trust fund maintained by the savings bank exclusively for the collective investment and reinvestment of moneys contributed to the common trust fund by the savings bank in its capacity as trustee, executor, administrator, personal representative, guardian, or custodian under a uniform transfers to minors act;

DFI-SB 17.13(2)(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-SB 17.13(3)(3) Administration; reports. Collective investments of funds or other property by a savings bank under sub. (1) shall be administered in accordance with s. DFI-SB 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-SB 17.14(1)(1) Collective investment funds. Each collective investment fund shall be established and maintained in accordance with a written plan which shall be approved by a resolution of the savings bank’s board of directors and filed with the division. A copy of the plan shall be available at the principal office of the savings bank 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-SB 17.14(1)(g)(g) The period following each valuation date during which the valuation may be made which period in usual circumstances shall not exceed 10 business days;

DFI-SB 17.14(2)(2) Trusts. Property held by a savings bank in its capacity as trustee of retirement, pension, profit-sharing, stock bonus or other trusts which are exempt from federal income taxation under any provisions of the Internal Revenue Code may be invested in collective investment funds established under s. DFI-SB 17.13 (2) (a) or (b) subject to restrictions under this section. Assets of retirement, pension, profit-sharing, stock bonus, or other trusts which are exempt from federal income taxation under section 401 of the Internal Revenue Code may be invested in collective investment funds established under s. DFI-SB 17.13 (2) (b) if the fund qualifies for tax exemption under Revenue Ruling 56.267 and following rulings.

DFI-SB 17.14(3)(3) Participants. All participants in a collective investment fund shall be on the basis of a proportionate interest in all of the assets. In order to determine whether the investment of funds received or held by a savings bank as fiduciary in a participation in a collective investment fund is proper, the savings bank may consider the collective investment fund as a whole and shall not, for example, be prohibited from making the investment because any particular asset is non-income producing.

DFI-SB 17.14(4)(4) Valuation. Not less frequently than once during each period of 3 months, a savings bank administering a collective investment fund shall determine the value of the assets in the fund as of the date set for the valuation of assets. No participation may be admitted to or withdrawn from the fund except on the basis of the valuation as of the valuation date; and on written request for or notice of intention of taking that action which is entered on or before the valuation date in the fiduciary records of the savings bank and approved in the manner the board of directors prescribes. No request or notice may be canceled or countermanded after the valuation date.