55-16-5. Service as investment trust advisor. Any person may serve as an investment trust advisor described in subdivision 55-1B-1(6), notwithstanding that the person is the transferor of the qualified disposition, but the person may not otherwise serve as a fiduciary of a trust that is a qualified disposition except with respect to the retention of the veto right permitted by subdivision 55-16-2(2). While serving as an 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.
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