DEPOSITORS' SECURITIES - 19422
Agencies/Departments shall issue pre-numbered property receipts for securities received from private individuals and indicate the par or face value. For non-par stock, agencies/departments shall assign an arbitrary value of one dollar per share. The amounts for securities on the property receipts are for custody accounting purposes only and have no relationship to market values.
Agencies/Departments shall present interest coupons for collection as they become due and credit the interest received to the depositor's account. Agencies/Departments shall obtain receipts discharging themselves from accountability when releasing securities. These receipts shall indicate:
- The values from the property receipts when the securities were initially received.
- The circumstances or the authority for releasing the securities if the release is to someone other than the owner.
The Controller's Receipt will suffice for securities remitted to the Unclaimed Property Fund or the Special Deposit Fund.
Agencies/Departments shall record the receipts and dispositions of securities to the individual's security account in the Trust Deposits Ledger, which is a subsidiary of Account No. 2060000 (Legacy Account No. 3510), Deposits-General.
On a monthly basis, agencies/departments shall record the property and discharge of accountability receipt transactions to Account No. 1902000 (Legacy Account No. 2720), Securities and Other Property Held in Trust, and balance the Trust Deposits Ledger with the Deposits-General account.
Agencies/Departments shall conduct an inventory of securities at least annually.