Current through Register Vol. 54, No. 49, December 7, 2024
Section 31a.10 - Compensation of associations(a)General. If the amount of the compensation for acting in a fiduciary capacity is not regulated by State 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 such compensation as may be allowed or approved by that court or by State law.(b)Officer or employe of association as co-fiduciary. No association shall, except with the specific approval of its board of directors, permit any of its officers or employes, while serving as such, to retain any compensation for acting as a co-fiduciary with the association in the administration of any account undertaken by it.(c)Bequests or gifts to trust officers and employes. No association shall permit an officer or employe engaged in the operation of its trust department to accept a bequest or gift of trust assets unless the bequest or gift is made by a relative or is approved by the board of directors of the association.