51A-6A-62 Depositing securities into federal reserve bank.
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Depositing securities into federal reserve bank.
Any trust company when acting
as fiduciary, and any trust company when holding securities as custodian for a fiduciary, may
deposit, or arrange for the deposit, with the federal reserve bank in its district, of any securities the
principal and interest of which the United States or any department, agency, or instrumentality of the
United States has agreed to pay, or has guaranteed payment, to be credited to one or more accounts
on the books of the federal reserve bank in the name of the trust company. Any account used for this
purpose shall be designated as a fiduciary or safekeeping account, and other similar securities may
be credited to the account. A trust company depositing securities with a federal reserve bank is
subject to any rules with respect to the making and maintenance of the deposits as the director may
promulgate pursuant to chapter 1-26. The records of the trust company shall always show the
ownership of the securities held in the account.
Source: SL 1995, ch 268, § 60.
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