15-7-8 - Agents of issuer. - Utah Statutes

15-7-8. Agents of issuer.
(1) An issuer may appoint for such term as may be agreed, including for so long as aregistered public obligation may be outstanding, corporate or other authenticating agents, transferagents, registrars, paying or other agents and specify the terms of their appointment, includingtheir rights, their compensation and duties, limits upon their liabilities and the provision for theirpayment of liquidated damages in the event of breach of certain of the duties imposed, whichliquidated damages may be made payable to the issuer, the owner, or a financial intermediary.Such agents need not maintain a place of business in Utah or do business within this state.
(2) An issuer may agree with custodian banks and financial intermediaries, or theirnominees, in connection with the establishment and maintenance by others of a central depositorysystem for the transfer or pledge of registered public obligations. Any such custodian banks andfinancial intermediaries, or nominees, may, if qualified and acting as fiduciaries, also serve asauthenticating agents, transfer agents, registrars, paying or other agents of the issuer with respectto the same issue of registered public obligations.
(3) Nothing precludes an issuer from performing, alone or jointly with other issuers, anyfunction described in this section.

Enacted by Chapter 62, 1983 General Session