Section 9-1.8. Trust created by national securities exchange to assist


Latest version.
  • customers of members, member firms or member corporations
        (a) A trust created by a national securities exchange for the  purpose
      of  enabling  the  trustees,  in  their discretion, to provide direct or
      indirect assistance to customers of a  member,  member  firm  or  member
      corporation  of  such  exchange,  threatened with loss of their money or
      securities because such member, member firm or  member  corporation,  in
      the  opinion  of  the  trustees,  is  insolvent or may be unable without
      assistance to meet its obligations to such customers, is not invalid  as
      violating  the  rule  against  perpetuities  or  the rules governing the
      accumulation of income. Such a trust may continue and may accumulate the
      income from the property held therein for such time as may be  necessary
      to accomplish the purposes for which it is created.
        (b)  As  used in this section, the term "national securities exchange"
      means any exchange registered as a national  securities  exchange  under
      the  federal securities exchange act of nineteen hundred thirty-four, as
      the same may be amended from time to time.