(A) Third-party safekeeping. Securities will be held by an independent third-party safekeeping institution selected by the town. All securities will be evidenced by safekeeping receipts in the town’s name.
(B) Internal controls. Management is responsible for establishing and maintaining an internal control structure designed to ensure that the assets of the Town are protected from loss, theft or misuse. Specifics for the internal controls shall be documented in an investment procedures manual that shall be reviewed and updated periodically by the Investment Board.
(Prior Code, § 3.A08.080) (Ord. 2018-22, passed 12-12-2018)