§ 165. Segregation of investments; title to be taken in descriptive name.
165 words·~1 min read·
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§ 165. Segregation of investments; title to be taken in descriptive
name. 1. Every private banker shall segregate and keep separate and
apart from all other property and assets of the individual or
partnership all securities and property, and the evidences of title
thereto, in which funds held by him as a private banker and the surplus
used by him in his private banking business have been invested. The
phrase "funds held by him as a private banker" shall for the purpose of
this chapter mean such private banker's permanent capital and moneys
received by him on deposit.
2. All conveyances, deeds, mortgages, assignments, contracts and
agreements received, taken, or entered into by any private banker, in
connection with his banking business, shall be received, taken, or
entered into in the firm name if such private banker is a partnership or
in the name of such private banker with the addition of the descriptive
name "private banker" if such private banker is not a partnership.