§ 35-13-8. Agents — Depositories.
(a) 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, or paying or other agents and specify the terms of their appointment,
including their rights, 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 these agents need have an office or
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§ 35-13-8. Agents — Depositories.
(a) 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, or paying or other agents and specify the terms of their appointment,
including their rights, 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 these agents need have an office or
do business within this state.
(b) 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.
The custodian banks and financial intermediaries, and nominees, may, if qualified
and acting as fiduciaries, also serve as authenticating agents, transfer agents, registrars,
or paying or other agents of the issuer with respect to the same issue of registered
public obligations.
(c) Nothing shall preclude the issuer from itself performing, either alone or jointly
with other issuers, any transfer, registration, authentication, payment, or other
function described in this section.