Wash. Admin. Code § 208-594-020 - Administration of fiduciary powers
(1)
(a) The
board of directors of the savings and loan association is responsible for the
proper exercise of fiduciary powers by the trust department. All matters
pertinent thereto, including the determination of policies, the investment and
disposition of property held in a fiduciary capacity, and the direction and
review of the actions of all officers, employees, and committees utilized by
the savings and loan association in the exercise of its fiduciary powers, are
the responsibility of the board. In discharging this responsibility, the board
of directors may assign, by action duly entered in the minutes, the
administration of such of the association's fiduciary powers as it may consider
proper to assign to such director(s), officer(s), employee(s), or committee(s)
as it may designate.
(b) No
fiduciary account shall be accepted without the prior approval of the board, or
of the director(s), officer(s), or committee(s) to whom the board may have
designated the performance of that responsibility. A written record shall be
made of such acceptances and of the relinquishment or closing out of all
fiduciary accounts. Upon the acceptance of an account for which the trust
company has investment responsibilities a prompt review of the assets shall be
made. The board shall also ensure that at least once during every calendar year
thereafter, and within fifteen months of the last review, all the assets held
in or for each fiduciary account where the association has investment
responsibilities are reviewed to determine the advisability of retaining or
disposing of such assets.
(2) All officers and employees taking part in
the operation of the trust department shall be adequately bonded.
(3) Every qualified fiduciary subject to this
chapter and exercising fiduciary powers in this state shall designate, employ,
or retain legal counsel who shall be readily available to pass upon fiduciary
matters and to advise the savings and loan association and its trust
department.
(4) The trust
department may utilize personnel and facilities of other departments of the
savings and loan association, and other departments of the savings and loan
association may utilize the personnel and facilities of the trust department
only to the extent not prohibited by law and as long as the separate identity
of the trust department is preserved.
(5) Fiduciary records shall be kept separate
and distinct from other records of the savings and loan association and
maintained in compliance with the provisions of RCW 30.04.240. All fiduciary
records shall be kept and retained for such time as to enable the fiduciary to
furnish such information or reports with respect thereto as may be required by
the director of the department of financial institutions.
(6) Every such fiduciary shall keep an
adequate record of all pending litigation to which it is a party in connection
with its exercise of fiduciary powers.
Notes
Statutory Authority: RCW 33.04.025 and 43.320.040. 00-17-140, amended and recodified as § 208-594-020, filed 8/22/00, effective 9/22/00. Statutory Authority: RCW 33.12.010(24). 88-02-068 (Order 87-2), § 419-56-020, filed 1/6/88.
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