§ 24-9-207 - Registered securities. - Arkansas Statutes

24-9-207. Registered securities.

(a) (1) When the governing body of a trust decides to invest trust moneys in registered securities, all the securities purchased shall be issued in the name of the trust with at least the signatures of two (2) members of the board required for renegotiation of the securities.

(2) One (1) signature shall be that of the board treasurer and the other that of the chair of the board.

(b) The securities are to be maintained in the office of the board of trustees or the trust department of a commercial firm normally engaged in providing trust services.

(c) (1) Subsequent to the purchase of the securities, the board of trustees shall request confirmation directly from the issuing company of the registration of the securities. The confirmation shall be made by the board independently of the agent through whom the securities were purchased.

(2) The board of trustees shall maintain copies of the confirmation letters as a part of its records.