N.Y. Comp. Codes R. & Regs. Tit. 9 §§ 1645-3.1

Current through Register Vol. 46, No. 45, November 2, 2024

Section 1645-3.1 - Registration of investments

(a) Securities are issued either registered in the name of the owner or in bearer form. The registration of investments in the name of the local agency is a prime consideration in their safekeeping and no investments in bearer securities should be made without the prior approval of the division and only after adequate safeguards have been provided for the handling and safekeeping of the securities, as described in sections 1645-3.2 and 1645-3.3 below. The form in which the investment is registered should include the name of the local agency, the name and number of the project and the name of the fund whose cash is being invested, as per the following example:

"Yorkburgh Housing Authority, a public corporation, in trust for the purposes of the Sunshine Courts, Project NYS-999 Reserve Fund, under Section ________________ of the contract dated _______________ with the City of Yorkburgh, State of New York."

(b) No indication need be made in the name in which reserve funds are registered as to the particular reserve for which the investment is being made, in order to facilitate the transfer of investments, which may be made, under certain circumstances, among the various reserves (see § 1645-4.2). The investment ledger sheet should, however, be marked to indicate the applicable reserve. Registered securities should be kept in a safe deposit box.

(c) Savings accounts in savings banks and savings and loan associations shall be registered as follows:

"Yorkburgh Housing Authority, Sunshine Courts, Reserve Fund, in trust under New York State Loan and Subsidy Contract, NYS--999."

N.Y. Comp. Codes R. & Regs. Tit. 9 §§ 1645-3.1