Securities constituting part of the Trust Principal Account may be held in bearer form, or registered in the name of the Village, or in the name of a nominee. The custodian shall have no authority upon its own motion to invest or reinvest the funds and assets of the Account, but shall purchase or sell assets in the Account only as directed by Council. A certified copy of a resolution of Council shall be full and complete authority for the custodian to purchase, sell, transfer, redeem or otherwise deal with the assets of the Account as directed in such resolution.
(Ord. 429. Passed 9-1-59.)