                                 CODE OF VIRGINIA

INVESTMENT IN MUTUAL FUND AFFILIATED WITH FIDUCIARY (§ 64.2-1506)

Unless prohibited or otherwise limited by the instrument under which a fiduciary
is acting, including a fiduciary of an agency account, the fiduciary may invest
in a mutual company, investment trust, or investment company sponsored, advised,
or sold by the fiduciary or an affiliate if the investment is otherwise
appropriate as an investment. In such case, the fiduciary shall not take a
commission as fiduciary to the extent that the fiduciary, or its affiliate or
division, receive compensation for services relating to advice or services to
such mutual fund, investment trust, or investment company, unless (i) otherwise
expressly agreed in writing by the creator of the trust or affected beneficiary
or (ii) the fiduciary discloses by statement, prospectus, or otherwise to all
current income beneficiaries of an account the rate, formula, or other method by
which the compensation received or to be received by the fiduciary or affiliate
or division of the fiduciary for such advice and services is determined. In such
case, the compensation for such advice and services shall not exceed the
customary or prevailing amount that is charged by a fiduciary, or its affiliate
or division, for providing comparable advice and services for the benefit of
nonfiduciary accounts.

HISTORY: 1990, c. 66, § 26-44.1; 1992, c. 684; 2012, c. 614.