Page:United States Statutes at Large Volume 76A.djvu/194

–98– -98(c) The court, on the petition of a parent ov guardian of the minor or 01 the minor, if he has attained the age of 14 years, may order the custodian to pay over to the minor for expenditure by him or to expend as much of or all the custodial property as is necessary for the minor's support, maintenance or education. (d) To the extent that the custodial property is not so expended, the custodian shall deliver or pay it over to the minor on his attaining the age of 21 years or, if the minor dies before attaining the age of 21 years, he shall thereupon deliver or pay it over to the estate of the minor. (e) A custodian, notwithstanding statutes restricting investments by fiduciaries, shall invest and reinvest the custodial property as would a prudent man of discretion and intelligence who is seeking a reassonable income and the preservation of his capital, except that he may, in his discretion and without liability to the minor or his estate, retain a security given to the minor in a manner prescribed in this subchapter. (f) A custodian may sell, exchange, convert or otherwise dispose of custodial property in the manner, at the time or times, for the price or prices and upon the terms he deems advisable. He may vote in person or by general or limited proxy a security which is custodial property. He may consent, directly or through a committee or other agent, to the reorganization, consolidation, merger, dissolution or liquidation of an issuer, a security which is custodial property, and to the sale, lease, pledge or mortgage of any property by or to such an issuer, and to any other action by such an issuer. He may execute and deliver any ana all instruments in writing which he deems advisable to carry out any of his powers as custodian. (g) A custodian shall register each security which is custodial property and in registered form in the name of the custodian, followed, m substance, by the words: "as custodian for under (name of minor)

the Canal Zone Uniform Gifts to Minors Act". The custodian shall hold all money which is custodial property in an account with a broker or in a bank or in an account in an insured savings and loan association in the name of the custodian, followed, in substance, by the words: "as custodian for under the Canal Zone Uniform (name of minor)

Gifts to Minors Act". The custodian shall keep all other custodial property separate and distinct from his own property in a manner to identify it clearly as custodial property. (h) A custodian shall keep records of all transactions with respect to the custodial property and make them available for inspection at reasonable intervals by a parent or legal representative of the minor or by the minor, if he has attained the age of 14 years. (i) A custodian has and holds as powers in trust, with respect to the custodial property, in addition to the rights and powers provided in this subchapter, all the rights and powers which a guardian has with respect to property not held as custodial property. § 685. Custodian's expenses, compensation, bond, and liabilities (a) A custodian is entitled to reimbursement from the custodial property for his reasonable expenses incurred in the performance of his duties. (b) A custodian may act without compensation for his services. (c) Unless he is a donor, a custodian may receive from the custodial property reasonable compensation for his services determined by one of the following standards in the order stated: (1) A direction by the donor when the gift is made; (2) Provisions of this Code applicable to guardians; (3) An order of the court.

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