9-1.8 - Trust created by national securities exchange to assist customers of members, member firms or member corporations - New York Statutes

§ 9-1.8 Trust created by national securities exchange to assist customers of members, member firms or member corporations (a) A trust created by a national securities exchange for the purpose of enabling the trustees, in their discretion, to provide direct or indirect assistance to customers of a member, member firm or member corporation of such exchange, threatened with loss of their money or securities because such member, member firm or member corporation, in the opinion of the trustees, is insolvent or may be unable without assistance to meet its obligations to such customers, is not invalid as violating the rule against perpetuities or the rules governing the accumulation of income. Such a trust may continue and may accumulate the income from the property held therein for such time as may be necessary to accomplish the purposes for which it is created. (b) As used in this section, the term "national securities exchange" means any exchange registered as a national securities exchange under the federal securities exchange act of nineteen hundred thirty-four, as the same may be amended from time to time.