555.441 Corporation as fiduciary or co-fiduciary holding stock or securities in name of nominee; consent of co-fiduciary; endorsement of certificate. Sec. 1. In the absence of a direction to the contrary contained in any will or other instrument transferring shares of stock or other securities to a corporation acting as trustee, executor, administrator, whether special, […]
555.442 Acts of nominee, federal reserve bank, and clearing corporation deemed acts of corporation acting as fiduciary. Sec. 2. The acts of a nominee in connection with property held by the nominee shall be deemed to be the acts of the corporation acting as fiduciary. The acts of a federal reserve bank in connection with […]
555.443 Records of corporation to show ownership of stock or other securities held by corporation as fiduciary; manner of keeping stocks and other securities separate from assets of corporation. Sec. 3. The records of the corporation shall show the ownership of the shares of stock or other securities held by it as fiduciary. The shares […]
555.444 Deposit of securities with federal reserve bank; crediting deposit; designating fiduciary account; records to show ownership of securities held in account; transfer of securities. Sec. 4. A corporation when acting as fiduciary, as provided in section 1, may deposit, or arrange for the deposit, with a federal reserve bank, of securities, the principal and […]
555.445 Deposit of securities in clearing corporation, bank, or trust company; deposit of securities by clearing corporation, bank, or trust company in another clearing corporation, bank, or trust company; evidence of safety of securities; merging certificates; holding certificates in bulk; transfer of securities; approval of commissioner. Sec. 5. (1) With the written approval of the […]
555.446 Rules. Sec. 6. Pursuant to Act No. 306 of the Public Acts of 1969, as amended, being sections 24.201 to 24.315 of the Michigan Compiled Laws, the commissioner of the financial institutions bureau may promulgate rules to effectuate the purposes and to execute and enforce this act. Nothing in this act shall preclude the […]
555.447 Applicability of amendatory act. Sec. 7. This amendatory act which added this section shall apply to any corporation acting as a fiduciary, as provided in section 1, which was so acting on or after the effective date of this amendatory act, regardless of the date of the will or other instrument pursuant to which […]
