Section 3-516 - Valuation dates; audits; special accounting(a) For each common trust fund that it administers, a trust company shall set valuation dates at regular intervals of not more than 3 months.(b) At regular intervals of not more than 12 months, a trust company shall have an audit of each common trust fund by an independent certified public accountant who shall report directly to the board of directors of the trust company.(c)(1) A trust company that administers a common trust fund may apply to a court for approval of an accounting of the fund.(2) A petition for approval of an accounting under this section shall be made to the court of equity for the county where the trust company has its principal banking office.(3) A court may impose conditions and notice requirements before approving an accounting under this section.