7-1-330. Definitions.

As used in this part, the term:

“Fiduciary investment company” means a corporation which is an investment company as defined by the act of Congress entitled “Investment Company Act of 1940” and is incorporated in accordance with Chapter 2 of Title 14 so as to constitute a medium for the investment of funds held by trust institutions and foreign trust institutions in a fiduciary capacity, either alone or with one or more cofiduciaries.#

“Foreign trust institution” means any state banking institution or trust company organized under the laws of any state other than Georgia or any national banking association incorporated under the laws of the United States and having its principal office in some state other than Georgia which has trust powers and is authorized to act in a fiduciary capacity under the laws under which it was incorporated.#

“Investment adviser” of a fiduciary investment company means:#

1. (A)

   Any trust institution which, pursuant to contract with a fiduciary investment company possessing the qualifications provided by this part, regularly furnishes advice to such investment company with respect to the desirability of investing in, purchasing, or selling securities or other property or is empowered to determine what securities or other property shall be purchased or sold by such investment company; and#

2. (B)

   Any person or corporation other than a trust institution, who, pursuant to contract with such trust institution, regularly performs substantially all of such duties undertaken by such trust institution.#

“Trust institution” means any trust company or any national bank with its principal office located in this state, authorized to act as a fiduciary.#