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This entry was published on 2014-09-22
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SECTION 9-1.8
Trust created by national securities exchange to assist
Estates, Powers & Trusts (EPT) CHAPTER 17-B, ARTICLE 9, PART 1
§ 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.