Section 31a.1. Definitions

The following words and terms, when used in this chapter, have the following meanings, unless the context clearly indicates otherwise:

Fiduciary—An association undertaking to act alone, through an affiliate, or jointly with others primarily for the benefit of another in all matters connected with its undertaking. The term includes trustee; executor; administrator; guardian; receiver; managing agent; registrar of stocks and bonds, escrow; transfer, or paying agent; trustee or employe pension, welfare, and profit-sharing trusts, and any other similar capacity.

Fiduciary records—All matters which are written, transcribed, recorded, received or otherwise come into the possession of an association and are necessary to preserve information concerning the actions and events relevant to the fiduciary activities of an association.

Managing agent—The fiduciary relationship assumed by an association upon the creation of an account which names the association as agent and confers investment discretion upon the association.

Trust department—That group of officers and employes of an association or of an affiliate of an association to whom are assigned the performance of fiduciary services by the association.

Trust powers—The power to act in any fiduciary capacity authorized by section 701(a)(24) of the Savings Association Code of 1967 (7 P. S. § 6020-101(a)(24)).