§ 159E-8. Agents; depositories.
§ 159E‑8. Agents;depositories.
(a) An issuer, with the approval of the Commission, may appointfor such term as may be agreed, including for so long as a registered publicobligation may be outstanding, corporate or other authenticating agents,transfer agents, registrars, paying or other agents and specify the terms oftheir appointment, including their rights, their compensation and duties,limits upon their liabilities and provision for their payment of liquidateddamages in the event of breach of certain of the duties imposed, whichliquidated damages may be made payable to the issuer, the owner or a financialintermediary. None of such agents need have an office or do business withinthis State.
(b) An issuer may agree with financial intermediaries inconnection with the establishment and maintenance by others of a depositorysystem for the transfer or pledge of registered public obligations or anyinterest therein. Any such financial intermediaries may, if qualified andacting as fiduciaries, also serve as authenticating agents, transfer agents,registrars, paying or other agents of the issuer with respect to the same issueof public obligations.
(c) Nothing in this Chapter shall preclude the issuer fromitself performing, either alone or jointly with others, any transfer,registration, authentication, payment, depository or other function describedin this section. (1983, c. 322, s.1.)