- (1) "Open-end investment company" is one in which the shares are purchased or sold at par. The fund must be an open-ended investment company registered with the Securities and Exchange Commission under the Investment Company Act of 1940 and Securities Act of 1933 or a privately offered fund sponsored by an affiliated commercial bank.
- (2) "Total capital" means the sum of capital stock, surplus, undivided profits, reserves for loan losses, reserve for contingencies, and subordinated notes and debentures with more than one year maturity.
KEY: banks and banking, investments
Date of Last Change: 1995
Notice of Continuation: August 29, 2022
Authorizing, and Implemented or Interpreted Law: 7-1-301(8)(a); 7-3-3.2