Oklahoma § 62-588 - Appointment of certain agents, etc. and depositories Issuer as agent, etc

§ 62-588. Appointment of certain agents, etc. and depositories Issuer as agent, etc

Oklahoma Statutes - Title 62. Public Finance

A. An issuer may appoint for such term as may be agreed,

including for so long as a registered public obligation may be

outstanding, corporate or other authenticating agents, transfer

agents, registrars, paying or other agents and specify the terms of

their appointment, including their rights, their compensation and

duties, limits upon their liabilities and provision for their

payment of liquidated damages in the event of breach of certain of

the duties imposed, which liquidated damages may be made payable to

the issuer, the owner or a financial intermediary. None of such

agents need have an office or do business within this state.

B. An issuer may agree with custodian banks and financial

intermediaries, and nominees of any of them, in connection with the

establishment and maintenance by others of a central depository

system for the transfer or pledge of registered public obligations.

Any such custodian banks and financial intermediaries, and nominees,

may, if qualified and acting as fiduciaries, also serve as

authenticating agents, transfer agents, registrars, paying or other

agents of the issuer with respect to the same issue of registered

public obligations.

C. Nothing shall preclude the issuer from itself performing,

either alone or jointly with other issuers, any transfer,

registration, authentication, payment or other function described in

this section.

D. All paying agents on bond issues, after holding funds for

payment of principal or interest for a period of five (5) years from

their payment date and the bond or coupon has not been presented for

payment, shall immediately return said funds to the issuer of the

bonds to be used for any lawful purpose.

Added by Laws 1983, c. 170, § 8, eff. July 1, 1983. Amended by Laws

1998, c. 400, § 2, emerg. eff. June 10, 1998.