Any bank or trust company or clearing corporation acting as a fiduciary or depository of fiduciary property may merge and hold securities held as fiduciary property, without certification as to ownership attached, with other securities held as fiduciary property, in one or more certificates representing securities of the same class of the same issuer. Ownership of such securities may be transferred by bookkeeping entry on the books of the fiduciary or of the depository without physical delivery of certificates representing such securities.
Source: L. 77: Entire part R&RE, p. 826, § 1, effective July 1.
Editor's note: This section is similar to former § 15-1-503 as it existed prior to 1977.