Page:United States Statutes at Large Volume 76.djvu/986

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PUBLIC LAW 87-821-OCT. 15, 1962

[76 STAT.

Public Law 87-821 October 15, 1962

AN ACT

[. R. 11018]

^Q amend the Act concerning gifts to minors in the District of Columbia.

DiBttict of Be it enacted by the Senate and House of Representatives of the GmTt^'MiiOT^r" United'States of America in Congress assembled, That the Act entitled Act. "An Act concerning gifts of securities to minors in the District of Columbia", approved August 3, 1956 (70 Stat. 1028; D.C. Code, sec. 21-214), is amended to read as follows: Definitions, "SECTION 1. As used in this Act, the following terms shall have the meaning ascribed to each: " (1) 'Adult': one who has attained the age of twenty-one years. "(2) 'Bank': any person or association of persons carrying on the business of banKing, whether incorporated or not, in the District of Columbia. "(3) 'Broker': one who is lawfully engaged in the business of effecting transactions in securities lor the account of others; a bank which effects such transactions; and one who is lawfully engaged in buying and selling securities for his own account, through a broker or otherwise, as a part of a regular business. "(4) 'Court': The United States District Court for the District of Columbia. "(5) 'Custodial property': " (A) All securities, money, life insurance and annuity contracts under the supervision of the same custodian for the same minor as a consequence of a gift or gifts made to the minor in the manner prescribed in this Act; " (B) The income from the custodial property; and " (C) The proceeds, immediate and remote, from the sale, exchange, conversion, investment, reinvestment, or other disposition of such securities, money, life insurance and annuity contracts, and income. "(6) 'Custodian': one so designated in the manner prescribed in this Act. "(7) 'Guardian of a minor': the general guardian, guardian, tutor, or curator of the minor's property, estate or person. "(8) 'Issuer': one who places or authorizes the placing of his name on a security (other than as a transfer agent) to evidence that it represents a share, participation or other interest in his property or in an enterprise or to evidence his duty or undertaking to perform an obligation evidenced by the security, or who becomes responsible for or in place of any such person. "(9) 'Legal representative': the executor or the administrator, general guardian, committee, conservator, tutor, or curator of a person's property or estate. "(10) 'Life insurance and annuity contracts': shall include only insurance and annuity contracts on the life of a minor or a member of the minor's family as herein defined. "(11) 'Member of a minor's family': any of the minor's parents, grandparents, brothers, sisters, uncles, and aunts, whether of the whole blood or the half blood, or by or through legal adoption. "(12) 'Minor': one who has not attained the age of twenty-one years. "(13) 'Security': any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in an oil, gas, or mining title or lease or in payments out of production under such a title or lease, collateral trust certificate, transferable share, voting trust certificate, or, in general, any in-

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