§ 21-03.1-06 — Agents - Depositories

North Dakota § 21-03.1-06

• Jurisdiction: North Dakota
• Title 21: Governmental Finance
• Ch. 21-03.1: Registration of Public Obligations

Text

1. An issuer may appoint for such term as may be agreed, including for so long as a
registered public obligation may be outstanding, corporate or other authenticating
agents, transfer agents, registrars, paying, or other agents, specify the terms of their
appointment, including their rights, their compensation and duties, limits upon their
liabilities, and provision for their payment of liquidated damages in the event of breach
of certain of the duties imposed, which liquidated damages may be made payable to
the issuer, the owner, or a financial intermediary. None of such agents need have an
office or do business within this state.
2. An issuer may agree with custodian banks and financial intermediaries, and nominees
of any of them, in connection with the establishment and maintenance by others of a
central depository system for the transfer or pledge of registered public obligations.
Any such custodian banks and financial intermediaries, and nominees, may, if qualified
and acting as fiduciaries, also serve as authenticating agents, transfer agents,
registrars, paying, or other agents of the issuer with respect to the same issue of
registered public obligations.
3. Nothing precludes the issuer from itself performing, either alone or jointly with other
issuers, any transfer, registration, authentication, payment, or other function described
in this section.