§ 6-1023. Deposit of securities in clearing corporation or Federal Reserve Bank.

A.  Notwithstanding any other provisions of law, any bank, trust company, or national banking association holding securities in its fiduciary capacity, any bank, trust company, or national banking association holding securities as custodian or managing agent, and any bank, trust company, or national banking association holding securities as custodian for a fiduciary is authorized to deposit or arrange for the deposit of securities in a clearing corporation, as defined in paragraph (5) of subsection (a) of Section 8-102 of Title 12A of the Oklahoma Statutes, or where the securities are those of the United States of America, to deposit or arrange for the deposit of the securities at the Federal Reserve Bank under regulations prescribed from time to time by the Comptroller of the Currency.  When securities are so deposited, certificates representing securities of the same class of the same issuer may be merged and held in bulk in the name of the nominee of the clearing corporation with any other securities deposited in the clearing corporation by any person regardless of the ownership of the securities, and certificates of small denominations may be merged into one or more certificates of larger denomination.  The records of the fiduciary and the records of the bank, trust company, or national banking association acting as custodian, managing agent, or as custodian for a fiduciary shall at all times show the name of the party for whose account the securities have been deposited.  Ownership of, and other interest in, the securities may be transferred by bookkeeping entry on the books of the clearing corporation without physical delivery of certificates representing the securities.  A bank, trust company, or national banking association which deposits securities pursuant to this section shall be subject to such rules and regulations as, in the case of a state chartered institution, the Commissioner and, in the case of a national banking association, the Comptroller of the Currency, may from time to time issue.  A bank, trust company, or national banking association acting as custodian for a fiduciary shall, on demand by the fiduciary, certify in writing to the fiduciary the securities deposited by the bank, trust company, or national banking association in the clearing corporation for the account of the fiduciary.  A fiduciary shall, on demand by any party to a judicial proceeding for the settlement of the fiduciary's account or on demand by the attorney for the party, certify in writing to the party the securities deposited by the fiduciary in the clearing corporation for its account as the fiduciary.

B.  This section shall apply to any fiduciary holding securities in its fiduciary capacity, and any bank, trust company, or national banking association holding securities as a custodian, managing agent, or custodian for a fiduciary, acting on the effective date of this section or who thereafter may act regardless of the date of the agreement, instrument, or court order by which it is appointed and regardless of whether or not the fiduciary, custodian, managing agent, or custodian for a fiduciary, owns capital stock of the clearing corporation.

Added by Laws 1975, c. 123, § 3, emerg. eff. May 13, 1975.  Amended by Laws 1999, c. 141, § 1, eff. Nov. 1, 1999.