RCW 35.39.070
City retirement system—Registration and custody of securities.
The city treasurer may cause any securities in which the city retirement system deals to be registered in the name of a nominee without mention of any fiduciary relationship, except that adequate records shall be maintained to identify the actual owner of the security so registered. The securities so registered shall be held in the physical custody of the city treasurer, the federal reserve system, the designee of the city treasurer, or at the election of the designee and upon approval of the city treasurer, the Pacific Securities Depository Trust Company Inc. or the Depository Trust Company of New York City or its designees.
With respect to the securities, the nominee shall act only on the direction of the retirement board. All rights to the dividends, interest, and sale proceeds from the securities and all voting rights of the securities shall be vested in the actual owners of the securities, and not in the nominee.
[ 1982 c 166 § 2.]
NOTES:
Effective date—1982 c 166: See note following RCW 35.39.060.
Structure Revised Code of Washington
Chapter 35.39 - Fiscal—Investment of Funds.
35.39.030 - Excess or inactive funds—Investment.
35.39.032 - Approval of legislative authority—Delegation of authority—Reports.
35.39.050 - Construction—1965 c 7.
35.39.060 - Investment of pension funds.
35.39.070 - City retirement system—Registration and custody of securities.
35.39.080 - City retirement system—Investment advisory committee.
35.39.090 - City retirement system—Investment advisory committee—Powers and duties.
35.39.100 - City retirement system—Investment advisory committee—Employment of members.
35.39.110 - City retirement system—Investment advisory committee—Liability of members.