CHAPTER 160 - BANKS, SAVINGS SOCIETIES AND TRUST COMPANIES - RELATIVE TO COMPANIES ACTING IN A FIDUCIARY CAPACITY

AN ACT TO AMEND CHAPTER 66 OF THE REVISED CODE OF DELAWARE, 1935, RELATING TO BANKS OR TRUST COMPANIES USING A NOMINEE WHEN ACTING IN A FIDUCIARY CAPACITY.

Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met:

Section 1. That Chapter 66 of the Revised Code of Delaware, 1935, be and the same is hereby amended by adding the following new and additional section to be known and styled as 2303-A. Sec. 46-A.:

2303-A. Sec. 46-A. Bank or Trust Company Holding Funds in Fiduciary Capacity May Use a Nominee:--Whenever any bank, or trust company shall receive any fund in a fiduciary capacity, whether as executor, administrator, guardian, trustee, or otherwise, it may register and hold any fund or other property belonging to the estate by it administered in its name or in the name of its nominee without disclosing its fiduciary capacity, unless otherwise provided in the instrument or order appointing such bank or trust company.

Approved March 29, 1945.