(1) All obligations of the Government of the United States or of its states and subdivisions, or other investments originated within the limits of the United States, that are owned by the System, shall be placed in custody of a special depositary which provides the needed security and is within the limits of the continental United States. The bonds, mortgages and other evidence of indebtedness owned by the System and that have been issued and originated in Puerto Rico shall be held in the custody of the Administrator, it being understood that all or any of the securities mentioned may be transferred to the custodial agent of the Secretary of the Treasury of Puerto Rico in the continental United States, or to the Secretary of the Treasury in Puerto Rico, in the event that the Administrator determines that such transfer is necessary or desirable. The designation of one or more banks as custodians shall have the approval of the Secretary of the Treasury.(2) All obligations owned by the System outside the territory of the United States shall be placed in the custody of a special depositary that offers adequate security and is within the convenient territorial limits. ns owned by the System outside the territory of the United States shall be placed in the custody of a special depositary that offers adequate security and is within the convenient territorial limits. History —May 15, 1951, No. 447, p. 1298, added as § 19B on June 29, 1988, No. 46, § 3; renumbered as § 4-107 on Sept. 24, 1999, No. 305, § 36. (1) All obligations of the Government of the United States or of its states and subdivisions, or other investments originated within the limits of the United States, that are owned by the System, shall be placed in custody of a special depositary which provides the needed security and is within the limits of the continental United States. The bonds, mortgages and other evidence of indebtedness owned by the System and that have been issued and originated in Puerto Rico shall be held in the custody of the Administrator, it being understood that all or any of the securities mentioned may be transferred to the custodial agent of the Secretary of the Treasury of Puerto Rico in the continental United States, or to the Secretary of the Treasury in Puerto Rico, in the event that the Administrator determines that such transfer is necessary or desirable. The designation of one or more banks as custodians shall have the approval of the Secretary of the Treasury.(2) All obligations owned by the System outside the territory of the United States shall be placed in the custody of a special depositary that offers adequate security and is within the convenient territorial limits. ns owned by the System outside the territory of the United States shall be placed in the custody of a special depositary that offers adequate security and is within the convenient territorial limits. History —May 15, 1951, No. 447, p. 1298, added as § 19B on June 29, 1988, No. 46, § 3; renumbered as § 4-107 on Sept. 24, 1999, No. 305, § 36. (1) All obligations of the Government of the United States or of its states and subdivisions, or other investments originated within the limits of the United States, that are owned by the System, shall be placed in custody of a special depositary which provides the needed security and is within the limits of the continental United States. The bonds, mortgages and other evidence of indebtedness owned by the System and that have been issued and originated in Puerto Rico shall be held in the custody of the Administrator, it being understood that all or any of the securities mentioned may be transferred to the custodial agent of the Secretary of the Treasury of Puerto Rico in the continental United States, or to the Secretary of the Treasury in Puerto Rico, in the event that the Administrator determines that such transfer is necessary or desirable. The designation of one or more banks as custodians shall have the approval of the Secretary of the Treasury.(2) All obligations owned by the System outside the territory of the United States shall be placed in the custody of a special depositary that offers adequate security and is within the convenient territorial limits. ns owned by the System outside the territory of the United States shall be placed in the custody of a special depositary that offers adequate security and is within the convenient territorial limits. History —May 15, 1951, No. 447, p. 1298, added as § 19B on June 29, 1988, No. 46, § 3; renumbered as § 4-107 on Sept. 24, 1999, No. 305, § 36.
Puerto Rico Legal Code