118A.06 SAFEKEEPING; ACKNOWLEDGEMENTS.
Investments, contracts, and agreements may be held in safekeeping with:
(1) any Federal Reserve bank;
(2) any bank authorized under the laws of the United States or any state to exercise corporate
trust powers, including, but not limited to, the bank from which the investment is purchased;
(3) a primary reporting dealer in United States government securities to the Federal Reserve
Bank of New York; or
(4) a securities broker-dealer having its principal executive office in Minnesota, licensed
under chapter 80A, or an affiliate of it, and regulated by the Securities and Exchange Commission;
provided that the government entity's ownership of all securities is evidenced by written
acknowledgments identifying the securities by the names of the issuers, maturity dates, interest
rates, CUSIP number, or other distinguishing marks.
History: 1996 c 399 art 1 s 7