Page:United States Statutes at Large Volume 70.djvu/1086

 1030

R elmbtirs etn ent.

Liability.

Resignation.

Death or Incap a c i t y of custodian.

Powers of succ e s s o r custodian. Act i o n against custodian.

••Security'

PUBLIC LAW 9 7 6 - AUG. 3, 1956

[70

ST A T.

a minor under the laws of the District of Columbia". All other property held by the custodian for the minor under the authority of this Act shall be kept separate and distinct from the custodian's own personal funds and property and shall be maintained at all times in such a manner as to identify it clearly as the minor's property held by the custodian under the authority of this Act. SEC. 4. A person acting as custodian, other than a guardian of the property of the minor, shall receive no compensation for his services but shall be entitled to reimbursement from the property held by him as custodian for the reasonable expenses incurred in the performance of his duties hereunder. A guardian of the property of the minor, when acting as custodian under the authority of this Act, may receive such additional compensation for his services as guardian as he would be entitled to receive if the property held by him as custodian hereunder were held by him in his capacity as guardian, in addition to the other property of the minor held by him in that capacity. SEC. 5. A custodian who is not compensated for acting as such shall be under no obligation to give bond for the faithful performance of his duties and shall not be liable for any losses to the property held by him except such as are the result of his bad faith or intentional wrongdoing or result from his investing the minor's property in a manner other than as prescribed in section 3(b) of this Act. SEC. 6. A custodian may resign by (1) executing and duly acknowledging an instrument of resignation designating a successor custodian who is an adult member of the minor's family or a guardian of the minor, (2) delivering such instrument to the successor custodian, (3) causing securities, if in registered form, to be registered in the name of the successor custodian as such, and (4) delivering to the successor custodian such securities so registered together with all other property held by him as custodian. SEC. 7. I n the event of the death or incapacity of the custodian before the minor attains the age of twenty-one years, if there is a duly appointed and acting general guardian of the property of the minor at the time of such death or incapacity of the custodian, he shall become the successor custodian, but if there is no duly appointed and acting general guardian of the property of the minor at said time, the successor custodian shall be the adult member of the minor's family or a guardian of the minor, designated by will or duly acknowledged instrument of appointment executed by the last acting custodian. If no such designation is made by the last acting custodian, his legal representative may designate in writing an adult member of the minor's family or a guardian of the minor a successor custodian. SEC. 8. Any successor custodian shall have all the rights, powers and duties of a custodian under the authority of this Act. SEC. 9. The next friend or legal representative of a minor, in whose behalf securities are held by a custodian under this Act, or the minor in his own right, no later than one j^ear after reaching twenty-one years of age, shall be entitled to maintain an action in the United States District Court for the District of Columbia against such custodian, or his estate for an accounting and delivery of the securities and unexpended income, in the event of the death, inability, or neglect to act of such custodian. SEC. 10. (a) The term "security" as used in this Act means any note, stock, bond, debenture, evidence of indebtedness, collateral trust certificate, transferable share, voting trust certificate, certificate of deposit for a security or, in general, any interest or instrument commonly known as a security, or any certificate of interest or participation in, temporary or interim certificate for, or warrant or right to subscribe to or purchase, any of the foregoing.

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