Ch. 523                           MARVIN MANDEL, Governor                             1147

thereof, and to read as follows:

198A.

(A)  NOTWITHSTANDING ANY OTHER PROVISION OF LAW, ANY
FIDUCIARY HOLDING SECURITIES IN ITS FIDUCIARY CAPACITY,
ANY BANK OR TRUST COMPANY HOLDING SECURITIES AS A
CUSTODIAN OR AGENT, AND ANY BANK OR TRUST COMPANY
HOLDING SECURITIES AS CUSTODIAN FOR A FIDUCIARY, IS
AUTHORIZED TO DEPOSIT OR ARRANGE FOR THE DEPOSIT OF THE
SECURITIES IN A SECURITIES CLEARING CORPORATION (AS
DEFINED IN SECTION 8-102 OF ARTICLE 95B), REGARDLESS OF
WHETHER OR NOT THE DEPOSITOR OWNS CAPITAL STOCK OF THE
CLEARING CORPORATION. WHEN SECURITIES ARE SO DEPOSITED,
CERTIFICATES REPRESENTING SECURITIES OF THE SAME CLASS
OF THE SAME ISSUER MAY BE MERGED AND HELD IN BULK IN
THE NAME OF THE NOMINEE OF THE CLEARING CORPORATION
WITH ANY OTHER SECURITIES DEPOSITED IN THE CLEARING
CORPORATION BY ANY PERSON REGARDLESS OF THE OWNERSHIP
OF THE SECURITIES, AND CERTIFICATES OF SMALL
DENOMINATION MAY BE MERGED INTO ONE OR MORE
CERTIFICATES OF LARGER DENOMINATION. THE RECORDS OF THE
FIDUCIARY AND THE RECORDS OF THE BANK OR TRUST
COMPANY ACTING AS CUSTODIAN, AS AGENT OR AS CUSTODIAN
FOR A FIDUCIARY SHALL AT ALL TIMES SHOW THE NAME OF THE
PARTY FOR WHOSE ACCOUNT THE SECURITIES ARE SO
DEPOSITED. TITLE TO THE SECURITIES MAY BE TRANSFERRED BY
BOOKKEEPING ENTRY ON THE BOOKS OF THE CLEARING
CORPORATION WITHOUT PHYSICAL DELIVERY OF CERTIFICATES
REPRESENTING THE SECURITIES. A BANK OR TRUST COMPANY SO
DEPOSITING SECURITIES PURSUANT TO THIS SECTION SHALL BE
SUBJECT TO SUCH RULES AND REGULATIONS AS, IN THE CASE OF
STATE CHARTERED INSTITUTIONS, THE BANK COMMISSIONER
AND, IN THE CASE OF NATIONAL BANKING ASSOCIATIONS, THE
COMPTROLLER OF THE CURRENCY MAY FROM TIME TO TIME
ISSUE. A BANK OR TRUST COMPANY ACTING AS CUSTODIAN FOR
A FIDUCIARY SHALL, ON DEMAND BY THE FIDUCIARY, CERTIFY
IN WRITING TO THE FIDUCIARY THE SECURITIES SO DEPOSITED
BY THE BANK OR TRUST COMPANY IN THE CLEARING
CORPORATION FOR THE ACCOUNT OF THE FIDUCIARY. A
FIDUCIARY SHALL, ON DEMAND BY ANY PARTY TO A JUDICIAL
PROCEEDING FOR THE SETTLEMENT OF THE FIDUCIARY'S
ACCOUNT OR ON DEMAND BY THE ATTORNEY FOR THE PARTY,
CERTIFY IN WRITING TO THE PARTY THE SECURITIES DEPOSITED
BY THE FIDUCIARY IN THE CLEARING CORPORATION FOR ITS
ACCOUNT AS FIDUCIARY.

(B)     FOR THE PURPOSE OF THIS SECTION, THE TERM
"FIDUCIARY" SHALL INCLUDE FIDUCIARIES NAMED IN OR
ACTING UNDER A DEED, WILL, DECLARATION OF TRUST, OR
OTHER INSTRUMENT CREATING OR EVIDENCING A TRUST, OR
ACTING AS TRUSTEE, COMMITTEE OR GUARDIAN, APPOINTED BY
ANY COURT OR AS EXECUTOR, ADMINISTRATOR OR PERSONAL
REPRESENTATIVE AND THIS SECTION SHALL BE APPLICABLE
WHETHER THE TRUST BE CREATED OR THE APPOINTMENT MADE
PRIOR OR SUBSEQUENT TO JULY 1, 1973; AND FOR THE PURPOSES
OF THIS SECTION, THE TERM "SECURITIES" SHALL INCLUDE, BUT
NOT BY WAY OF LIMITATION, STOCKS, BONDS, DEBENTURES,