(a)
- (1) A trust company that administers a common trust fund may issue a certificate of participation for each participating account.
- (2) A certificate of participation is not assignable and may not be issued in any form that purports to be negotiable or assignable.
- (b) In any report or accounting required from the trust company by law, a statement that is signed and verified by one of its officers as to the existence, extent, and value of a participation in a common trust fund that it administers may be accepted as evidence of those facts by any court, trust clerk, or supervisory authority.
Added by Acts 1980, c. 33, § 2, eff. July 1, 1980.
Formerly Art. 11, § 62.