53-12-262. Powers of corporate fiduciaries.

A corporate fiduciary, without authorization by the court, may exercise the power:

To retain stock or other securities of its own issue received on the creation of the trust or later contributed to the trust, including the securities into which the securities originally received or contributed may be converted or that may be derived therefrom as a result of merger, consolidation, stock dividends, splits, liquidations, and similar procedures. The corporate fiduciary may exercise by purchase or otherwise any rights, warrants, or conversion features attaching to any such securities. The authority described in this paragraph shall:#

1. (A)

   Apply to the exchange or conversion of stock or securities of the corporate fiduciary’s own issue, regardless of whether any new stock or securities received in exchange therefor are substantially equivalent to those originally held;#

2. (B)

   Apply to the continued retention of all new stock and securities resulting from merger, consolidation, stock dividends, splits, liquidations, and similar procedures and received by virtue of such conversion or exchange of stock or securities of the corporate fiduciary’s own issue, regardless of whether the new stock or securities are substantially equivalent to those originally received by the fiduciary;#

3. (C)

   Have reference, inter alia, to the exchange of such stock or securities for stock or securities of any holding company that owns stock or other interests in one or more other corporations, including the corporate fiduciary, whether the holding company is newly formed or already existing and regardless of whether any of the corporations own assets identical or similar to the assets of or carry on a business identical or similar to the corporation whose stock or securities were previously received by the fiduciary and the continued retention of stock or securities, or both, of the holding company; and#

4. (D)

   Apply regardless of whether any of the corporations have officers, directors, employees, agents, or trustees in common with the corporation whose stock or securities were previously received by the fiduciary; and#

To borrow money from its own banking department for such periods of time and upon such terms and conditions as to rates, maturities, renewals, and security as the fiduciary shall deem advisable for any purpose as may be required to secure the loan or loans; and to renew existing loans either as maker or endorser.#