10-625.   Authenticating trustee, transfer agent, registrar; paying andother agents; central depository system.(a) Except as provided by K.S.A. 10-501, and amendments thereto, an issuermay appoint the state treasurer or other agents authorized under the authorityby which the bonds are issued as an authenticating trustee, transfer agent,registrar, paying or other agents for a term agreed upon and specify theirrights, compensation and duties, limit their liabilitiesand provide for the payment of liquidated damages in the event of breachof duty imposed. Such liquidated damages may be made payable to a financialintermediary. None of such need have an office or do business within this state.

      (b)   An issuer may enter into agreements with the state treasurer, custodianbanks and financial intermediaries, and nominees of any of them, in connectionwith the establishment and maintenance by others of a central depositorysystem for the transfer or pledge of bonds. Any custodian banks and financialintermediaries, and nominees, if qualified and acting as fiduciaries, mayalso serve as authenticating trustees, transfer agents, registrars, payingor other agents of the issuer for the same issue of bonds.

      History:   L. 1983, ch. 49, § 6; May 12.