AR SB850

Adds investment company and exchange-traded fund options to Arkansas Code § 28-65-311(b), permitting guardians to invest in open-end or closed-end management-type investment companies registered under the Investment Company Act of 1940 (as of January 1, 2015) or exchange-traded funds listed on national securities exchanges.

Modifies Arkansas Code § 28-65-311(d) to allow state or national banks and trust companies with common trust funds to invest ward's funds without prior court order in management-type investment companies, investment trusts, and exchange-traded funds listed on national securities exchanges.

Revises Arkansas Code § 28-66-113 to permit guardians to invest surplus funds without prior court authorization in direct unconditional obligations of the United States and obligations guaranteed by the United States, in addition to common trust fund participation and registered investment companies.

Allows bank and trust company guardians managing common trust funds to invest ward's funds without prior court order in registered investment companies and exchange-traded funds listed on national securities exchanges.

Bill was approved April 6, 2015.