§ 6.1-22. Trust securities to be kept separate; custody thereof; federal securities and obligations
The securities and investments held in each trust shall be kept separate and distinct from the securities owned by the bank, trust company or trust subsidiary. The bank, trust company or trust subsidiary must at all times show upon its trust records the interests of each separate fiduciary account and trust in each particular security or investment held by it in a fiduciary capacity. Trust securities and investments shall be placed in the joint custody or control of two or more officers or other employees designated by the board of directors of the bank, trust company, or trust subsidiary and such joint custody shall be interpreted to mean that neither of such officers or employees shall have access alone at any time to such securities and investments, and all such officers and employees shall be bonded.
Securities and obligations of the United States and of agencies of the United States government may be held for the account of such bank, trust company or trust subsidiary by a Federal Reserve Bank in a book-entry custody account, without the requirement of the bank, trust company or trust subsidiary having physical possession of such securities, provided at all times that the records of the Federal Reserve Bank and the bank, trust company or trust subsidiary shall at all times identify separately those securities held for the account of the bank, trust company or trust subsidiary and those held by the bank, trust company or trust subsidiary in a fiduciary capacity.
(Code 1950, § 6-100; 1966, c. 584; 1968, c. 59; 1974, cc. 75, 665.)
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