Section 19-3-7

Registration of securities held by corporate fiduciary in name of nominee of such fiduciary.

(a) Whenever a bank or trust company is duly authorized to, and is acting as a fiduciary, and has a nominee in whose name securities, including, without limitation, bonds, stocks, mortgages, securities or other evidences of title held either in its own right or as fiduciary, may be registered, it shall be lawful to register securities in the name of such nominee, without mention of the trust or other fiduciary relationship in the instrument evidencing such securities, or on the books of the corporation issuing the same; provided, that:

(1) The records of such corporate fiduciary shall at all times clearly show that such securities are held by the corporate fiduciary in the capacity of a fiduciary, and show the beneficial owners thereof, and all facts relating to its ownership, possession or holding thereof.

(2) The instrument evidencing said security shall at all times be held by the fiduciary in its immediate and exclusive possession.

(3) Such corporate fiduciary shall not be relieved of liability for the safe custody, control and proper distribution of such security by reason of the registration of same in the name of a nominee.

(b) If two or more fiduciaries are acting jointly in reference to any property, it shall be lawful by agreement to register the property in the name of the nominee of any one corporate fiduciary, or, in the event more than one corporate fiduciary is acting, it shall be lawful to register the securities in the name of the nominee of any one of said corporate fiduciaries or by agreement to record a proportionate part of said securities in the name of one or more nominees of a corporate fiduciary.

(Acts 1951, No. 102, p. 323.)