§31A-6-1. Procedures for nominee registration of securities.
Any bank, nonbanking subsidiary of a bank holding company,
nonbanking subsidiary of a banking institution, or entity jointly
owned by federally insured depository institutions authorized to
exercise trust powers under section fourteen, article four of this
chapter, which holds in a fiduciary capacity any stock, bond,
debenture, note, warrant, certificate or other security evidencing
ownership or interest, either whole or fractional, in fully paid
and nonassessable intangible personal property, may cause the
security or evidence of ownership, to be registered and held in the
name of a nominee or nominees of the trust institution, or in its
own name, without disclosing the fiduciary relationship, but, where
the trust institution is acting jointly with some other individual
or individuals, it must first secure the written consent of the
individual fiduciary or fiduciaries thereto, which consent the
individual fiduciary or fiduciaries are hereby authorized to give.
The placing of property in the name of a nominee, nominees or
in the name of the trust institution, without disclosure of the
fiduciary capacity, shall be deemed to be nominee registration
under this article and every such registration shall ipso facto
constitute a declaration of trust upon the part of the registered
owner so far as the fiduciary and the beneficiaries of the
fiduciary status are concerned.
For purposes of this article, the term "trust institution"
means a bank, nonbanking subsidiary of a bank holding company, nonbanking subsidiary of a banking institution or entity jointly
owned by federally insured depository institutions authorized to
exercise trust powers under section fourteen, article four of this
chapter.