Power to act as trustee for common trust funds under multiple trust agreements — Conditions.

No mutual savings bank or wholly owned subsidiary thereof shall act as trustee for common trust funds established for the benefit of more than one beneficiary under more than one trust agreement, unless the savings bank or subsidiary trust company shall first give written notice to the director, at least sixty days prior to the creation of any such fund.

[1994 c 92 § 321; 1985 c 56 § 4.]