AMENDMENT TO THE MINIMUM TRADING LOT RULE
SECTION 1. Sections 1284 (Book I) and 2284 (Book II) are hereby amended so that the second paragraph thereof shall read as follows:
“IN CONNECTION WITH THE MINIMUM TRADING LOT RULE ABOVE STATED, no bank performing quasi-banking functions shall issue deposit substitute instruments in the name of two or more persons or accounts EXCEPT THOSE FALLING UNDER THE FOLLOWING RELATIONSHIPS IN WHICH CASES, COMMINGLING MAY BE ALLOWED: (a) husband and wife; (B) PERSONS RELATED TO EACH OTHER WITHIN THE SECOND DEGREE OF CONSANGUINITY; and (c) “in trust for” (ITF) arrangements.”
SECTION 2. Section 42840 (Book IV) is hereby amended so that the second (2nd) and third (3rd) sentences of the first paragraph are replaced by a second (2nd) paragraph which shall read as follows:
“In connection with the minimum trading lot rule above stated, no NBOB shall issue deposit substitute instruments in the name of two or more persons or accounts except those falling under the following relationships in which cases, commingling may be allowed: (A) husband and wife; (B) PERSONS RELATED TO EACH OTHER WITHIN THE SECOND DEGREE OF CONSANGUINITY; and (C) “in trust for” (ITF) arrangements.”
SECTION 3. This Circular shall take effect immediately.
Adopted: 25 May 1992
Senior Deputy Governor