Revised Code of Washington - RCW Title 35 Cities And Towns - Section 35.39.070 City retirement system -- Registration and custody of securities

§ 35.39.070. City retirement system -- Registration and custody of securities

The city treasurer may cause any securities in which the city retirement system deals to be registered in the name of a nominee without mention of any fiduciary relationship, except that adequate records shall be maintained to identify the actual owner of the security so registered. The securities so registered shall be held in the physical custody of the city treasurer, the federal reserve system, the designee of the city treasurer, or at the election of the designee and upon approval of the city treasurer, the Pacific Securities Depository Trust Company Inc. or the Depository Trust Company of New York City or its designees.

With respect to the securities, the nominee shall act only on the direction of the retirement board. All rights to the dividends, interest, and sale proceeds from the securities and all voting rights of the securities shall be vested in the actual owners of the securities, and not in the nominee.

[1982 c 166 § 2.]

     Effective date -- 1982 c 166: See note following RCW 35.39.060.

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Last modified: April 7, 2009