§ 5-10.4-3-13 — Custodial agreements

Indiana § 5-10.4-3-13

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 10.4: STATE TEACHERS' RETIREMENT FUND
• Ch. 3: Board

Text

(a) The board may enter into a custodial
agreement on terms the board considers in the best interest of the fund
with a bank or trust company that is domiciled in the United States and
approved by the board to:
(1) act in a fiduciary capacity; and
(2) manage custodial accounts;
on behalf of the fund.
(b) The agreement described in subsection (a) may authorize the
custodian to:
(1) hold the fund's securities and other investments in the name of
the fund or a nominee, or in bearer form;
(2) collect the income and other receipts from the securities and
other investments and deposit them subject to the instructions of
the board or the board's representative;
(3) reinvest the receipts on the direction of the board or the
board's representative;
(4) maintain accounting records and prepare reports as may be
required for use by the fund and the state board of accounts; and
(5) perform other services for the board that are appropriate and
customary for the custodian.
(c) The custodian is responsible for all securities held in the name
of its nominee for the fund.
[Pre-2006 Education Finance Recodification Citation:
21-6.1-3-13.]

Legislative History

As added by P.L.2-2006, SEC.28. Amended by P.L.90-2008, SEC.3.