98                               LAWS OF MARYLAND                         [CH. 3

the beneficiaries of such trust constitute an indefinite class [or that
such trusts or the limitations under such settlement are limited to
extend for a perpetual or indefinite period]. "Charitable purposes"
under this section shall include all such purposes as are within either
the spirit or letter of the statute of 43 Elizabeth ch. 4 (1601),
commonly known as the statute of charitable uses.

198.

(a)    Power to register.—A fiduciary, as herein defined, may in
his discretion and in the absence of a contrary provision in the
instrument under which he acts, cause any stocks, bonds, or other
corporate securities as herein defined, now or hereafter held or ac-
quired by such fiduciary, to be registered in the name of a nominee,
which nominee may be either an individual or a partnership; pro-
vided, 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, or guardians [, executors, or administrators], unless
permitted to do so by the terms of the instrument under which he
acts, such 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)    Duties of fiduciaries.—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 his records ;

(2)    The fiduciary shall see that such nominee shall not have
possession 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 respon-
sibility 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)    Definitions.—For the purpose of this section the term "fidu-
ciary" shall apply to a fiduciary acting alone or to cofiduciaries, and
shall include fiduciaries named in or acting under a deed, will, dec-
laration of trust, or other instrument creating or evidencing a trust
or acting as trustee, committee, or guardian appointed by any court
[or as executor or administrator], and for the purpose of this sec-
tion the term "corporate securities" shall include, but not by way of
limitation, stocks, bonds, debentures, notes, voting trust certificates,