48                               LAWS OF MARYLAND                       [CH. 50

198.

(a)    A fiduciary, as herein defined, may in [its] his discretion and
in the absence of a contrary provision in the [trust] instrument under
which [it] he acts, cause any stocks, bonds, or other corporate securi-
ties as herein defined, now or hereafter held or acquired by such fidu-
ciary, to be registered in the name of a nominee, which nominee may
be either an individual or a partnership; provided, however, that as
to any estate which is or shall be administered under the jurisdiction
of a court including any orphans' court (which shall include estates
which are or shall be administered by trustees, committees, guardians,
executors, or administrators,), unless permitted to do so by the terms
of the instrument under which he acts, such [the] registration of
stocks, bonds, or other corporate securities in the name of a nominee
may be made, only by order of such court; and such court may pass
an order authorizing the fiduciary so to register in the name of a
nominee any or all of the stocks, bonds, or other corporate securities
then held or thereafter to be held by the fiduciary.

(b)    As to any stocks, bonds, or other corporate securities so
registered by a fiduciary in the name of a nominee:

(1)    The fiduciary shall show the same on its HIS records;

(2)    The fiduciary shall see that such nominee shall not have pos-
session or control of the same except under the supervision of such
fiduciary, and where there is more than one fiduciary, this duty shall
apply only to the fiduciary having custody of the same;

(3)    The corporation whose stocks, bonds, or other securities
are so registered, its transfer agent or registrar, may, without
responsibility or investigation, treat such nominee as the actual
owner thereof; and

(4)    The fiduciary shall be responsible for any loss resulting from
any act or default of such nominee or nominees.

(c)    For the purpose of this section the term "fiduciary" shall
apply [only] to a [corporate] fiduciary acting alone or to cofiduci-
aries [one of which is a corporate fiduciary], and shall include [such]
fiduciaries named in or acting under a deed, will, declaration of trust,
or other instrument creating or evidencing a trust or acting as trus-
tee, committee, or guardian appointed by any court or as executor
or administrator; [and this section shall be applicable whether the
trust be created or the appointment made prior or subsequent to
June 1, 1945;] and for the purpose of this section the term "corporate
securities" shall include, but not by way of limitation, stocks, bonds,
debentures, notes, voting trust certificates, equipment trust certifi-
cates, certificates of deposit, certificates of participation, certificates
of beneficial interest, stock rights, stock warrants issued by or in
connection with any corporation, joint stock association or similar
organization and any other instruments evidencing rights of a similar
character.

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1968, and shall be applicable to instruments made before, on
or after that date.

Approved March 22, 1968.