Okla. Stat. tit. 6, § 6-1022
This is the official text of Okla. Stat. tit. 6, § 6-1022, part of Oklahoma’s Stat. tit. 6, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 6,." Browse the sections below, each linked to its official government source.
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Banks, trust companies and national banking associations -
Official statutory text
Registration in name of nominee securities held in fiduciary
capacity.
Every bank, trust company and national banking association is
authorized to cause securities held as a fiduciary, custodian or
managing agent by such bank, trust company or national banking
association, whether alone or jointly with an individual, with the
consent of the individual fiduciary, if any, (who is hereby
authorized to give such consent) to be registered and held in the
name of a nominee of such bank, trust company or national banking
association without disclosure of the fiduciary relationship. Any
such bank, trust company or national banking association shall be
liable for any loss occasioned by the acts of its nominee with
respect to the securities so registered. The records of the bank,
trust company or national banking association shall at all times
show the ownership of such securities and of those held in bearer
form. Such securities and those held in bearer form shall at all
Oklahoma Statutes - Title 6. Banks and Trust Companies Page 142
times be kept separate from the assets of the bank, trust company or
national banking association and may be maintained as follows:
(1) in a manner such that all certificates representing the
securities from time to time constituting the assets of a particular
estate, trust or other fiduciary account are held separate from
those of all other estates, trusts or accounts; or
(2) in a manner such that, without certification as to ownership
attached, certificates representing securities of the same class of
the same issuer and from time to time constituting assets of
particular estates, trusts or other fiduciary accounts are held in
bulk, including, to the extent feasible, the merging of certificates
of small denomination into one or more certificates of large
denomination, provided that the bank, trust company or national
banking association when operating under the method of safekeeping
security certificates described in this subparagraph (2), shall be
subject to such rules and regulations as, in the case of a state
chartered bank or trust company, the Commissioner and, in the case
of a national banking association, the Comptroller of the Currency,
may from time to time issue.
capacity.
Every bank, trust company and national banking association is
authorized to cause securities held as a fiduciary, custodian or
managing agent by such bank, trust company or national banking
association, whether alone or jointly with an individual, with the
consent of the individual fiduciary, if any, (who is hereby
authorized to give such consent) to be registered and held in the
name of a nominee of such bank, trust company or national banking
association without disclosure of the fiduciary relationship. Any
such bank, trust company or national banking association shall be
liable for any loss occasioned by the acts of its nominee with
respect to the securities so registered. The records of the bank,
trust company or national banking association shall at all times
show the ownership of such securities and of those held in bearer
form. Such securities and those held in bearer form shall at all
Oklahoma Statutes - Title 6. Banks and Trust Companies Page 142
times be kept separate from the assets of the bank, trust company or
national banking association and may be maintained as follows:
(1) in a manner such that all certificates representing the
securities from time to time constituting the assets of a particular
estate, trust or other fiduciary account are held separate from
those of all other estates, trusts or accounts; or
(2) in a manner such that, without certification as to ownership
attached, certificates representing securities of the same class of
the same issuer and from time to time constituting assets of
particular estates, trusts or other fiduciary accounts are held in
bulk, including, to the extent feasible, the merging of certificates
of small denomination into one or more certificates of large
denomination, provided that the bank, trust company or national
banking association when operating under the method of safekeeping
security certificates described in this subparagraph (2), shall be
subject to such rules and regulations as, in the case of a state
chartered bank or trust company, the Commissioner and, in the case
of a national banking association, the Comptroller of the Currency,
may from time to time issue.
Status: in_force · Read it on the official government site
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