§ 104.503. Deposit of Securities with State Authorities.

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Whenever local law requires corporations acting as fiduciary to deposit securities with state authorities for the protection of private or court trusts, associations in this state authorized to exercise trust powers shall, before undertaking to act in any fiduciary capacity, make a similar deposit with the state authorities. If the state authorities refuse to accept such a deposit, the securities shall be deposited with the Federal Home Loan Bank of which the association is a member, and such securities shall be held for the protection of private or court trusts with like effect as though the securities had been deposited with the state authorities.

HISTORY

1. Change without regulatory effect renumbering former Section 245.4 to Section 104.503 (Register 87, No. 14). For prior history, see Register 81, No. 25.

Note

Note: Authority cited: Section 5500.5, Financial Code. Reference: Title 10, Calif. Adm. Code, Chapter 2, Subchapter 23 (Sec. 245 et seq.); and Sections 5003 and 5501.5, Financial Code.

                    
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