Rule 80-1-4-.04. Custody and Safekeeping

Rule 80-1-4-.04. Custody and Safekeeping

1. (1) Securities may be held in physical or book entry form.

2. (2) Physical possession of securities shall be maintained:

   1. (a) In the vault of the investing bank;

   2. (b) In safekeeping at any:

      1. 1. FDIC-insured, correspondent bank or trust company;
      2. 2. Federal Reserve Bank or Federal Home Loan Bank;
      3. 3. Broker-dealer insured under the Securities Investors Protection Act provided the market value of such securities does not exceed $500,000; or
   3. (c) As otherwise specifically approved by the department.

Authority: O.C.G.A. Sec. 7-1-61.

History. Original Rule entitled "Investment in All of Capital Stock of Subsidiary Corporations" adopted. F. and eff. June 30, 1965.

Repealed: New Rule entitled "Applications for Rulings" adopted. F. June 9, 1972; eff. June 29, 1972.

Repealed: F. Aug. 28, 1975; eff. Sept. 17, 1975.

Amended: New Rule entitled "Custody and Safekeeping" adopted. F. Oct. 22, 2001; eff. Nov. 11, 2001.