Service as investment trust advisor--Service as fiduciary by transferor

Any person may serve as an investment trust advisor, as defined in subdivision 55-1B-1 (6), notwithstanding that the person is the transferor of the qualified disposition, but a transferor may not otherwise serve as a fiduciary under a trust instrument except as stated in subdivision 55-16-2 (2). While serving as an investment trust advisor of the trust, the person may have all powers authorized by statute or by the trust instrument, including the power to vote by proxy any stock owned by the trust.

Source: SL 2005, ch 261, § 5; SL 2006, ch 243, § 6; SL 2010, ch 232, § 28; SL 2012, ch 233, § 15; SL 2019, ch 209, § 8; SL 2020, ch 206, § 17.