§ 11-1.9 Power of Fiduciary or Custodian to Deposit Securities in a

Central Depository

(a) Notwithstanding any other provision of law, any fiduciary (as
defined in section 1-2.7) holding securities in its fiduciary capacity,
any bank, trust company or private banker holding securities as a
custodian or managing agent, and any bank, trust company or private
banker holding securities as custodian for a fiduciary pursuant to
section 11-1.1 (b)(9), is authorized to deposit or arrange through a
subcustodian or otherwise for the deposit of such securities in a
clearing corporation (as defined in article eight of the Uniform
Commercial Code). When such 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 such clearing
corporation with any other such securities deposited in such clearing
corporation by any person regardless of the ownership of such
securities, and certificates of small denomination may be merged into
one or more certificates of larger denomination. The records of such
fiduciary and the records of such bank, trust company or private banker
acting as custodian, as managing 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. Ownership of, and other interests in, such
securities may be transferred by bookkeeping entry on the books of such
clearing corporation without physical delivery of certificates
representing such securities. A bank, trust company or private banker so
depositing securities pursuant to this section shall be subject to such
rules and regulations as, in the case of state chartered institutions,
the state superintendent of financial services and, in the case of
national banking associations, the comptroller of the currency may from
time to time issue. A bank, trust company or private banker acting as
custodian for a fiduciary shall, on demand by the fiduciary, certify in
writing to the fiduciary the securities so deposited by such bank, trust
company or private banker in such clearing corporation for the account
of such fiduciary. A fiduciary shall, on demand by any party to a
judicial proceeding for the settlement of such fiduciary's account or on
demand by the attorney for such party, certify in writing to such party
the securities deposited by such fiduciary in such clearing corporation
for its account as such fiduciary.

(b) This section shall apply to any fiduciary holding securities in
its fiduciary capacity, and to any bank, trust company or private banker
holding securities as a custodian, managing agent or custodian for a
fiduciary, acting on the effective date of this section or who
thereafter may act regardless of the date of the agreement, instrument
or court order by which it is appointed and regardless of whether or not
such fiduciary, custodian, managing agent or custodian for a fiduciary
owns capital stock of such clearing corporation.