Pennsylvania Act 1953-147 — DESIGNATING CERTAIN BANKS AS ADDITIONAL LOAN AND TRANSFER AGENTS

Act text

DESIGNATING CERTAIN BANKS AS ADDITIONAL LOAN AND TRANSFER AGENTS
                 Act of Jul. 20, 1953, P.L. 553, No. 147              Cl. 72
                                  AN ACT

     Designating certain banking institutions as additional loan and
        transfer agents of the Commonwealth, and conferring powers
        and imposing duties upon such institutions and certain State
        officers with respect thereto.

        The General Assembly of the Commonwealth of Pennsylvania
     hereby enacts as follows:

        Section 1.  Every banking institution of this Commonwealth
     and every national banking association having its principal
     office therein which has a combined capital and surplus of at
     least twenty million dollars ($20,000,000) is hereby appointed
     as an additional loan and transfer agent of this Commonwealth
     for all loans, bonds or notes of this Commonwealth now
     outstanding or hereafter issued by this Commonwealth; and as
     such agent is hereby authorized and empowered to issue,
     countersign, register and transfer loans, bonds and notes of
     this Commonwealth, to keep records of the issuance, registration
     and transfer thereof, to receive and disburse payments of
     principal and interest thereon, and to perform all other acts
     and duties in respect thereof which the other duly authorized
     loan and transfer agent of the Commonwealth is empowered to
     perform, as directed by existing laws.
        Section 2.  The Governor, Auditor General and State Treasurer
     shall have the power and their duty shall be, with respect to
     all future loans, bonds and notes of this Commonwealth, to
     select and designate the particular duly authorized loan and
     transfer agent to issue and countersign the same, but each of
     the loan and transfer agents of the Commonwealth are hereby
     authorized to register and transfer the same, to keep records of
     such registration and transfer, and to receive and disburse
     payments of principal and interest thereon. The Governor,
     Auditor General and State Treasurer shall fix the compensation
     and the terms and conditions under which each loan and transfer
     agent shall perform its agency.
        Section 3.  All acts and parts of acts insofar as they are
     inconsistent with the provisions of this act are hereby
     repealed.
        Section 4.  The provisions of this act shall become effective
     immediately upon final enactment.