Marvin Mandel, Governor                         399

time of acceptance of [said] the articles and send one copy of the
certificate to the chief assessor of each county in which the property
is located; provided, however, that transfer, vesting or devolution of
title to the property shall not be invalidated or otherwise affected by
any error or defect in the certificate or failure to file it or failure of
the Department to act upon it, and provided further, that no certificate
shall be required with respect to any property in which the only
interest owned by the consolidating, merging, or transferor corpora-
tion is a security interest. [Such] The certificate shall be in such
form and number of copies as the Department may prescribe, and the
certificate of the Department required by [subsection] paragraph
(1) of this [section] subsection may be incorporated therein or
stamped or inserted thereon.

67.

(d) If the parent corporation owns less than all of the out-
standing stock of the subsidiary corporation, it shall, within ten
days after the articles of merger have been accepted for record by
the Department, mail to each minority stockholder of record on the
date of [such] the acceptance a copy of the articles of merger and a
notice stating that [such] the minority stockholder is entitled to
demand and receive payment of the fair value of his stock within
sixty days from the date on which [such] the notice was given
(which date shall be specified in the notice). Any [such] minority
stockholder shall have the right to receive [such] payment by mak-
ing upon the successor corporation, within [such] a sixty-day
period, written demand for payment of his stock, stating the num-
ber and class of shares for which payment is demanded. In [such]
that case, the provisions of subsections (a), (c) (except the first
sentence), (d), (e), (f), (g), (h), (i), (j) and (1) of Section 73
shall be applicable, and any stockholder who fails to make [such]
a written demand within the sixty-day period provided in this sub-
section shall be bound by the terms of the merger.

161H-A.

Upon application to and approval by the Director, an association
may act as a trustee or custodian within the contemplation of the
Federal Self-Employed Individuals Tax Retirement Act of 1962, as
amended.

Associations exercising the powers authorized by this [subsec-
tion] section shall segregate all funds held in such fiduciary capaci-
ties from the general assets of the association and shall keep a sepa-
rate set of books and records, showing in detail all transactions made
under authority of this [subsection] section.

Provided individual records are kept for each self-employed indi-
vidual's retirement plan and each investment fund, all funds held in
such fiduciary capacities by an association may be commingled for
appropriate purposes of investment. No funds held in such fidu-
ciary capacities shall be used by an association in the conduct of its
business, although such funds may be invested in savings accounts
of the association in the event that the trust, custodial or other plan
does not prohibit such investment.

In passing upon applications, the Director shall take into con-
sideration the investment policies, amount, type and adequacy of