(c) The court, on the petition of a parent or guardian of the minor or of the minor, if he has attained the age of 14 years, may order the custodian to pay over to the minor for expenditure by him or to expend as much of or all the custodial property as is necessary for the minor's support, maintenance or education. (d) To the extent that the custodial property is not so expended, the custodian shall deliver or pay it over to the minor on his attaining the age of 21 years or, if the minor dies before attaining the age of 21 years, he shall thereupon deliver or pay it over to the estate of the minor. (e) A custodian, notwithstanding statutes restricting investments by fiduciaries, shall invest and reinvest the custodial property as would a prudent man of discretion and intelligence who is seeking a reasonable income and the preservation of his capital, except that he may, in his discretion and without liability to the minor or his estate, retain a security given to the minor in a manner prescribed in this subchapter. (f) A custodian may sell, exchange, convert or otherwise dispose of custodial property in the manner, at the time or times, for the price or prices and upon the terms he deems advisable. He may vote in person or by general or limited proxy a security which is custodial property. He may consent, directly or through a committee or other agent, to the reorganization, consolidation, merger, dissolution or liquidation of an issuer, a security which is custodial property, and to the sale, lease, pledge or mortgage of any property by or to such an issuer, and to any other action by such an issuer. He may execute and deliver any and all instruments in writing which he deems advisable to carry out any of his powers as custodian. (g) A custodian shall register each security which is custodial property and in registered form in the name of the custodian, followed, in substance, by the words: "as custodian for under (name of minor) the Canal Zone Uniform Gifts to Minors Act". The custodian shall hold all money which is custodial property in an account with a broker or in a bank or in an account in an insured savings and loan association in the name of the custodian, followed, in substance, by the words: "as custodian for under the Canal Zone Uniform (name of minor) Gifts to Minors Act". The custodian shall keep all other custodial property separate and distinct from his own property in a manner to identify it clearly as custodial property. (h) A custodian shall keep records of all transactions with respect to the custodial property and make them available for inspection at reasonable intervals by a parent or legal representative of the minor or by the minor, if he has attained the age of 14 years. (i) A custodian has and holds as powers in trust, with respect to the custodial property, in addition to the rights and powers provided in this subchapter, all the rights and powers which a guardian has with respect to property not held as custodial property. § 685. Custodian's expenses, compensation, bond, and liabilities (a) A custodian is entitled to reimbursement from the custodial property for his reasonable expenses incurred in the performance of his duties. (b) A custodian may act without compensation for his services. (c) Unless he is a donor, a custodian may receive from the custodial property reasonable compensation for his services determined by one of the following standards in the order stated: (1) A direction by the donor when the gift is made; (d) Except as otherwise provided in this subchapter, a custodian shall not be required to give a bond for the performance of his duties. (e) A custodian not compensated for his services is not liable for losses to the custodial property unless they result from his bad faith, intentional wrongdoing or gross negligence or from his failure to maintain the standard of prudence in investing the custodial property provided in this subchapter. § 686. Exemption of third persons from liability No issuer, transfer agent, bank, savings and loan association, broker or other person acting on the instructions of or otherwise dealing with a person purporting to act as a donor or in the capacity of a custodian is not responsible for determining whether the person designated by the purported donor or purporting to act as a custodian has been duly designated or whether a purchase, sale or transfer to or by or any other act of a person purporting to act in the capacity of custodian is in accordance with or authorized by this subchapter, and is not obliged to inquire into the validity or propriety under this subchapter of an instrument or instructions executed or given by a person purporting to act as a donor or in the capacity of a custodian, is not bound to see to the application by a person purporting to act in the capacity of a custodian of money or other property paid or delivered to him. § 687. Resignation, death, or removal of custodian; bond; appointment of successor custodian (a) Only an adult member of the minor's family, a guardian of the minor or a trust company is eligible to become successor custodian. A successor custodian has all the rights, powers, duties and immunities of a custodian designated in a manner prescribed by this subchapter. (b) A custodian, other than the donor, may resign and designate his successor by: (1) executing an instrument of resignation designating the successor custodian; and (2) causing each security which is custodial property and in registered form to be registered in the name of the successor custodian followed, in substance, by the words: "as custodian for --- under the Canal Zone Uniform Gifts to (name of minor) Minors Act"; and (3) delivering to the successor custodian the instrument of resignation, each security registered in the name of the successor custodian and all other custodial property, together with any additional instruments required for the transfer thereof. (c) A custodian, whether or not a donor, may petition the court for permission to resign and for the designation of a successor custodian. (d) If the person designated as custodian is not eligible, renounces or dies before the minor attains the age of 21 years, the guardian of the minor shall be successor custodian. If the minor has no guardian, a donor, his legal representative, the legal representative of the custodian, an adult member of the minor's family, or the minor, if he has attained the age of 14 years, may petition the court for the designation of a successor custodian. (e) A donor, the legal representative of a donor, an adult member of the minor's family, a guardian of the minor or the minor, if he has attained the age of 14 years, may petition the court that, for cause shown in the petition, the custodian be removed and a successor custodian be designated or, in the alternative, that the custodian be required to give bond for the performance of his duties. (f) Upon the filing of a petition as provided in this section, the court shall grant an order, directed to the persons and returnable on such notice as the court may require, to show cause why the relief prayed for in the petition should not be granted and, in due course, grant such relief as the court finds to be in the best interests of the $688 Accounting by custodian (a) The minor, if he has attained the age of 14 years, or the legal representative of the minor, an adult member of the minor's family, or a donor or his legal representative may petition the court for an accounting by the custodian or his legal representative. (b) The court, in a proceeding under this subchapter or otherwise, may require or permit the custodian or his legal representative to account and, if the custodian is removed, shall so require and order delivery of all custodial property to the successor custodian and the execution of ali instruments required for the transfer thereof. 8689. Construction (a) This subchapter shall be so construed as to effectuate its general purpose to make uniform the law of those States which enact it. (b) This subchapter shall not be construed as providing an exclusive method for making gifts to minors. 8 690. Short title This subchapter may be cited as the Canal Zone Uniform Gifts to Minors Act. Bec. CHAPTER 27-PROOF AND ACKNOWLEDGMENT OF INSTRUMENTS 721. By whom acknowledgments taken in Canal Zone. 722. By whom acknowledgments taken outside Canal Zone. 723. By whom acknowledgments taken in foreign countries. 724. Issuance of proper certificates. 725. Notarial acts; armed forces. 726. Requisites for acknowledgment. 727. Certificate of acknowledgment. 728. General form of certificate. 729. Form of certificate of acknowledgment by corporation. 730. Form of certificate of acknowledgment by partnership. 731. Form of certificate of acknowledgment by attorney in fact. 732. Authentication of certificate of acknowledgment. 733. Proof of execution. 734. Identity of witness. 735. Items to be proved by subscribing witness. 736. Proof of handwriting. 737. Evidence of handwriting. 738. Contents of certificate of proof. 739. Other powers of officers. 740. Action to correct defective instrument. 741. Action for Judgment proving instrument. 742. Effect of judgment. 743. Instruments executed prior to effective date of Code. 744. Instruments affecting land in District of Columbia, territories, etc. § 721. By whom acknowledgments taken in Canal Zone The proof or acknowledgment of an instrument required by law to be proved or acknowledged may be made in the Canal Zone before: (1) the district judge; (2) the clerk of the district court; (3) a magistrate; or (4) a notary public of the Canal Zone. § 722. By whom acknowledgments taken outside Canal Zone The proof or acknowledgment of an instrument may be made outside the Canal Zone, but within the United States, and within the jurisdiction of the respective officer, before: (1) the judge of a court of record or the clerk thereof; or (2) a notary public within any State. § 723. By whom acknowledgments taken in foreign countries An instrument executed in a foreign country may be acknowledged before a diplomatic or consular officer or commercial agent of the United States accredited to it, or before an officer of the foreign country authorized to take acknowledgments. The signature and official character of the foreign officer shall be certified by a diplomatic, consular, or commercial official of the United States. § 724. Issuance of proper certificates The officers authorized to take acknowledgments pursuant to sections 721-723 of this title may issue proper certificates thereof. § 725. Notarial acts; armed forces (a) A commissioned officer of a component of the Army or Air Force of the United States on active duty in federal service with the Judge Advocate General's Department, a law specialist in the United States Navy and in the United States Coast Guard, a staff judge advocate or acting staff judge advocate, and the adjutant, assistant adjutant, personnel adjutant or commanding officer of a command; or A commanding officer or executive officer of a ship, shore station or establishment and any officer of or above the rank of lieutenant, senior grade, on active duty with the Navy or Coast Guard of the United States; or An officer of or above the rank of captain on active duty with the United States Marine Corps may administer and certify oaths or affirmations, attest documents, take acknowledgments, and perform all other notarial acts, for any person serving in or with the armed forces of the United States, wherever located within or without the Canal Zone or for the spouse of a member of the armed forces wherever located within or without the Canal Zone. (b) An instrument acknowledged by such an officer or an oath or affirmation made before him is not rendered invalid by the failure to state therein the place of execution or acknowledgment. An authentication of the officer's certificate of acknowledgment or of any jurat signed by him is not required but the officer taking the acknowledgment shall indorse thereon or attach thereto a certificate substantially in a form authorized by the laws of the Canal Zone or in the following form: On this the---- -- day of 19--, before me ---9 known to me (or satisfactorily proven) to be serving ir or with the armed forces of the United States (or to be the spouse of a member of the armed forces of the United States) and to be the person whose name is subscribed to the within instrument and acknowledged that he executed the same. And the undersigned does further certify that he is at the date of this certificate a commissioned officer of the rank stated below and is in the active service of the armed forces of the United States. Signature of officer and serial number, rank, branch of service and capacity in which signed. (c) To an affidavit subscribed and sworn to before such an officer there shall be attached a jurat substantially in the following form: Subscribed and sworn to before me this -------- day of . 19____. Signature of officer and serial number, rank, branch of service and capacity in which signed. (d) The recitals contained in such a certificate or jurat are prima facie evidence of the truth thereof, and a certificate of acknowledgment, oath or affirmation purporting to have been made by a commissioned officer of the Army, Air Force, Navy, Marine Corps or Coast Guard, notwithstanding the omission of any specific recitals therein, constitutes presumptive evidence of the existence of the facts necessary to authorize the acknowledgment, oath or affirmation to be taken by the certifying officer pursuant to this section. 8726. Requisites for acknowledgment The acknowledgment of an instrument may not be taken unless the officer taking it knows or has satisfactory evidence on the oath or affirmation of a credible witness that the person making the acknowledgment is the individual who is described in and who executed the instrument; or if executed by a corporation that the person making the acknowledgment is the president or secretary of the corporation, or other person who executed it on its behalf. 8 727. Certificate of acknowledgment An officer taking the acknowledgment of an instrument shall indorse thereon or attach thereto a certificate substantially in the forms prescribed by sections 728-732 of this title. § 728. General form of certificate (a) Unless it is otherwise provided in this chapter, the certificate of acknowledgment shall be substantially in the following form: UNITED STATES OF AMERICA, On this day of Canal Zone, 88: in the year before me (here insert -) to be the name and quality of the officer), personally appeared known to me (or proved to me on the oath of person whose name is subscribed to the within instrument, and acknowledged that he (she or they) executed the same. (b) An acknowledgment taken without the Canal Zone in accordance with the laws of the place where the acknowledgment is made is sufficient in the Canal Zone. The certificate of the clerk of a court of record of the county or district where the acknowledgment is taken, that the officer certifying to it is authorized by law so to do, and that the signature of the officer to the certificate is his true and genuine signature, and that the acknowledgment is taken in accordance with the laws of the place where the same is made, is prima facie evidence of the facts stated in the certificate of the clerk. |