Maine Revised Statutes Title 5 Sec. 17110 – Custodial care of securities
Current as of: 2023 | Check for updates
|
Other versions
1. Contract or agreement. The board may enter into a contract or agreement with any national bank, trust company or safe deposit company for custodial services for the securities belonging to any fund of the retirement system and other related services.
A. A contracting bank performing services under a contract or agreement pursuant to this section shall comply with Title 9?B, section 473. [PL 1997, c. 398, Pt. L, §3 (AMD).]
B. The contracting bank shall give assurance of proper safeguards, which are usual to contracts such as these. [PL 1985, c. 801, §§5, 7 (NEW).]
C. The contracting bank shall furnish insurance protection satisfactory to both parties. [PL 1985, c. 801, §§5, 7 (NEW).]
D. All contracts or agreements entered into between the board and the custodian bank, trust company or safe deposit company selected by the board must have the approval of a majority of the board. [PL 1993, c. 410, Pt. L, §25 (AMD).]
[PL 1997, c. 398, Pt. L, §3 (AMD).]
Terms Used In Maine Revised Statutes Title 5 Sec. 17110
- Board: means the board of trustees, established under section 12004?F, subsection 9, to administer the Maine Public Employees Retirement System. See Maine Revised Statutes Title 5 Sec. 17001
- Chief executive officer: means the Chief Executive Officer of the Maine Public Employees Retirement System. See Maine Revised Statutes Title 5 Sec. 17001
- Contract: A legal written agreement that becomes binding when signed.
- Majority: when used in reference to age shall mean the age of 18 and over. See Maine Revised Statutes Title 1 Sec. 72
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
- Retirement: means termination of membership with a retirement allowance granted under this chapter. See Maine Revised Statutes Title 5 Sec. 17001
- Retirement system: means the Maine Public Employees Retirement System. See Maine Revised Statutes Title 5 Sec. 17001
2. Payment for services. The board may arrange for the payment of services rendered under this section:
A. By cash payments to be charged pro rata to the income of the several funds of the retirement system; [PL 1985, c. 801, §§5, 7 (NEW).]
B. By an agreement for a compensating deposit balance with the bank in question in lieu of the cash payment under paragraph A; or [PL 1985, c. 801, §§5, 7 (NEW).]
C. By some combination of the methods of payment in paragraphs A and B. [PL 1985, c. 801, §§5, 7 (NEW).]
[PL 1985, c. 801, §§5, 7 (NEW).]
3. Withdrawal or deposit. The chief executive officer, or another person or persons designated to the custodian by the board, may withdraw securities from or deposit securities with the custodian as circumstances may require, except that all withdrawals or delivery instructions must bear the written approval of 2 other persons duly authorized by a resolution of the board.
[PL 1985, c. 801, §§5, 7 (NEW); PL 2021, c. 548, §45 (REV).]
SECTION HISTORY
PL 1985, c. 801, §§5,7 (NEW). PL 1993, c. 410, §L25 (AMD). PL 1997, c. 398, §L3 (AMD). PL 2021, c. 548, §45 (REV).