5587 - Determination of interests. - Pennsylvania Statutes

§ 5587. Determination of interests. A nonprofit corporation shall invest the assets of a trust or fund in a common trust fund authorized by this subchapter by adding such assets thereto, and by apportioning a participation therein to such trust or fund in the proportion that the assets of the trust or fund added thereto bears to the aggregate value of all the assets of such common trust fund at the time of such investment, including in such assets the assets of the trust or fund so added. The withdrawal of a participation from such common trust fund shall be on a basis of its proportionate interest in the aggregate value of all the assets of such common trust fund at the time of such withdrawal. The participating interest of any trust or fund in such common trust fund may from time to time be withdrawn, in whole or in part, by the corporation. Upon such withdrawals the corporation may make distribution in cash, or ratably in kind, or partly in cash and partly in kind. Participations in such common trust funds shall not be sold by the corporation to any other corporation or person, but this sentence shall not prevent a corporate trustee designated under section 5585 (relating to establishment or use of common trust funds authorized) from investing the assets of such a common trust fund in any collective investment fund established and maintained by it in accordance with law and to which the assets comprising such a common trust fund are eligible contributions. (Dec. 21, 1988, P.L.1444, No.177, eff. Oct. 1, 1989)