bctc header
Jump to:

Constitution – Article Ten

Deposit of Securities for Safekeeping

Execution of Instruments
The securities of the BCTC shall be deposited for safekeeping with one or more bankers, trust companies or other financial institutions to be selected by the Executive. Any and all securities so deposited may be withdrawn from time to time, only upon the written order of the BCTC signed by such officer or officers, agent or agents of the BCTC and in such manner as shall from time to time, be determined by resolution of the Executive and such authority may be general or confined to specific instances. The institutions which may be so selected as custodians by the Executive shall be fully protected in acting in accordance with the directions of the Executive and shall in no event be liable for the due application of the securities so withdrawn from deposit or the proceeds thereof.