Section 555.442 - Acts of nominee, federal reserve bank, and clearing corporation deemed acts of corporation acting as fiduciary.
CORPORATE FIDUCIARY STOCKHOLDERS (EXCERPT)
Act 56 of 1957
555.442 Acts of nominee, federal reserve bank, and clearing corporation deemed acts of corporation acting as fiduciary.
Sec. 2.
The acts of a nominee in connection with property held by the nominee shall be deemed to be the acts of the corporation acting as fiduciary. The acts of a federal reserve bank in connection with property held by it, as provided in section 4, and the acts of a clearing corporation in connection with property held by it, as provided in section 5, shall be deemed to be the acts of the corporation acting as fiduciary.
History: 1957, Act 56, Eff. Sept. 27, 1957 ;-- Am. 1975, Act 310, Imd. Eff. Dec. 22, 1975