(a) In administering a unitrust under K.S.A. 58-9a-301 through 58-9a-309 , and amendments thereto, a fiduciary shall follow a unitrust policy adopted under K.S.A. 58-9a-303 (a)(1) or (2), and amendments thereto, or amended or replaced under K.S.A. 58-9a-303 (a)(2), and amendments thereto.
(b) A unitrust policy must provide:
(1) The unitrust rate or the method for determining the unitrust rate under K.S.A. 58-9a-306 , and amendments thereto;
(2) the method for determining the applicable value under K.S.A. 58-9a-307 , and amendments thereto; and
(3) the rules described in K.S.A. 58-9a-306 through 58-9a-309 , and amendments thereto, that apply in the administration of the unitrust, whether the rules are:
(A) Mandatory, as provided in K.S.A. 58-9a-307 (a) and 58-9a-308 (a), and amendments thereto; or
(B) optional, as provided in K.S.A. 58-9a-306 , 58-9a-307 (b), 58-9a-308 (b) and 58-9a-309 (a), and amendments thereto, to the extent the fiduciary elects to adopt those rules.