CERTIFICATION OF ENROLLMENT
HOUSE
BILL 1422
Chapter 228, Laws of 1999
56th Legislature
1999 Regular Session
STATE INVESTMENT
BOARD--SECURITIES' NOMINEE
EFFECTIVE DATE: 7/25/99
|
Passed by the House March 8,
1999
Yeas 97 Nays 0
 CLYDE
BALLARD
Speaker of the House
of Representatives
 FRANK
CHOPP
Speaker of the House of
Representatives
Passed by the Senate April 12,
1999
Yeas 47 Nays 0
|
CERTIFICATE
We, Dean R. Foster and Timothy
A. Martin, Co-Chief Clerks of the House of Representatives of the State of
Washington, do hereby certify that the attached is HOUSE BILL 1422 as
passed by the House of Representatives and the Senate on the dates hereon set
forth.
 DEAN
R. FOSTER
Chief
Clerk
TIMOTHY
A. MARTIN
Chief
Clerk
|
|
BRAD
OWEN
President
of the Senate
|
|
|
Approved May 10, 1999 Place Style On Codes above, and Style Off Codes
below.
|
FILED
May 10, 1999 - 4:11
p.m.
|
|
|
|
|
GARY
LOCKE
Governor
of the State of Washington
|
Secretary of
State
State of
Washington
|
_______________________________________________
HOUSE
BILL 1422
_______________________________________________
Passed
Legislature - 1999 Regular Session
State
of Washington 56th Legislature 1999 Regular Session
By
Read
first time 01/25/1999. Referred to Committee on Financial Institutions &
Insurance.
Authorizing the state investment board to directly order
actions relating to securities.
AN
ACT Relating to the state investment board; and amending RCW 43.33A.130.
BE IT
ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec.
1. RCW
43.33A.130 and 1981 c 3 s 13 are each amended to read as follows:
The
state treasurer may cause any securities in which the state investment board
deals to be registered in the name of a nominee without mention of any fiduciary
relationship, except that adequate records shall be maintained to identify the
actual owner of the security so registered. The securities so registered shall
be held in the physical custody of the state treasurer, the federal reserve
system, the designee of the state treasurer, or, at the election of the
designee and upon approval of the state treasurer, the Depository Trust Company
of New York City or its designees.
With
respect to the securities, the nominee shall act only upon the order of the ((state
treasurer who shall act only on the direction of the)) state investment
board. All rights to the dividends, interest, and sale proceeds from the
securities and all voting rights of the securities are vested in the actual
owners of the securities, and not in the nominee.
Passed the House March 8, 1999.
Passed the Senate April 12, 1999.
Approved by the Governor May
10, 1999.
Filed
in Office of Secretary of State May 10, 1999.