Page:United States Statutes at Large Volume 79.djvu/787

 79 STAT. ]

PUBLIC LAW 89-18a-SEPT. 14, 1965

§ 21-304. Custodian to be one person; rights, powers, and duties of custodian (a) Only one person may be the custodian. He shall collect, hold, manage, invest, and reinvest the custodial property. (b) The custodian shall pay over to the minor for expenditure by him, or expend for the minor's benefit, so much of or all the custodial property as the custodian deems advisable for the support, maintenance, education, and benefit of the minor in the manner, at the times, and to the extent that the custodian in his discretion deems proper, with or without court order, with or without regard to the duty of himself or of any other person to support the minor or his ability to do so, and with or without regard to any other income or property of the minor which may be applicable or available for any such purpose. (c) The court, on the petition of a parent or guardian of the minor, or of 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 so 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: (1) deliver or pay it over to the minor on his attaining the age of 21 years; or (2) if the minor dies before attaining that age, thereupon deliver or pay it over to the estate of the minor. (e) A custodian, notwithstanding statutes restricting investments by fiduciaries, may invest and reinvest the custodial property as would a prudent person of discretion and intelligence who is seeking a reasonable income and the preservation of capital, or he may, without liability to the minor or his estate, retain a security given to the minor in the manner prescribed by this chapter. (f) A custodian may dispose of custodial property in the manner, at the times, for the prices, and upon the terms he deems advisable. H e 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 the issuer, and to any other action by the issuer. He may execute and deliver 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 in substance, by the words: "as custodian for [name of minor] under the District of Columbia Uniform Gifts to Minors Act". H e shall hold all money which is custodial property in an account with a broker or in a bank in the name of the custodian, followed, in substance, by the same words. H e 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, as powers in trust, with respect to the custodial property, in addition to the rights and powers provided by this chapter, all the rights and powers which a guardian has with respect to property not held as custodial property.

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