HERBERT R. O'CONOR, GOVERNOR. 213

trust fund other than in its capacity as fiduciary, except to the
extent permitted for a temporary period as provided in the
paragraph hereof immediately preceding; but a trust company
shall not be deemed to have an interest in assets in which collec-
tive investments are made merely because of the fact that it
owns in its own right other stocks or bonds or other obliga-
tions of a person, firm or corporation, the stocks or bonds or
other obligations of which are among the assets of a common
trust fund administered by it.

(13) A trust company shall not charge a fee for the manage-
ment of a common trust fund administered by it or receive,
either from the common trust fund or from any fiduciary
account the funds of which are invested in participations
therein, any additional fees, commissions, or compensation of
any kind by reason of such participation, provided, however,
a trust company may reimburse itself out of a common trust
fund for such reasonable expenses incurred by it in the admin-
istration thereof as would have been chargeable to the respec-
tive participating fiduciary accounts if incurred in the sepa-
rate administration of such participating fiduciary accounts,
and, in addition, for such reasonable expenses incurred by it
in securing such audits of the common trust fund by independ-
ent public accountants or court auditors as may be permitted
or required under the plan thereof or as may be from time to
time otherwise required by law.

(14) A trust company administering a common trust fund,
even though it has not been required to render a court account-
ing with regard to such fund, may, by application to a court of
equity having jurisdiction in the place in which it has its
principal office, secure approval of an accounting of the fund
on such conditions and after such notice to interested parties
as the court may direct.

(15) That notwithstanding anything in this section to the
contrary any trust company shall have the right, (1) to pro-
vide in the Plan of any common trust fund established by it
that the fund shall be administered in conformity with the
rules and regulations, prevailing from time to time, of the
Board of Governors of the Federal Reserve System (or of any
other Board or Body succeeding to its powers and duties) per-
taining to the collective investment of trust funds by national
banks of the United States, and (2) to administer the fund
accordingly.

(16) This Act is declared to be severable, and should any
word, phrase, sentence, provision or section hereof be hereafter
declared unconstitutional or otherwise invalid, the remainder
thereof shall not thereby be affected, but shall remain valid and
in full force and effect for all intents and purposes.