Page:United States Statutes at Large Volume 76A.djvu/193

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–97–

-97" G I F T U N D E R THE CANAL ZONE UNIFORM G I F T S TO MINORS ACT I,

, hereby deliver to (name of donor)

dian for

as custo(name of custodian)

under the Canal Zone Uniform Gifts to (name of minor)

Minors Act, the following security(ies): (insert an appropriate description of the security or securities delivered sufficient to identify it or them) (signature of donor)

hereby acknowledges receipt of the above described (name of custodian)

security (ies) as custodian for the above minor under the Canal ^one Uniform Gifts to Minors Act. Dated: (signature of custodian)"

(3) If the subject of the gift is money, by paying or delivering it to a broker or a bank for credit to an account (or to a savings and loan association for investment in an account in an insured savings and loan association) in the name of the donor, another adult person, or a bank with trust powers, followed, in substance, by the words: "as custodian for under the (name of minor)

Canal Zone Uniform Gifts to Minors Act". (b) A gift made in a manner prescribed by subsection (a) of this section may be made to only one minor and only one person may be the custodian. (c) A donor who makes a gift to a minor in a manner prescribed by subsection (a) of this section shall promptly do all things within I'lis power to put the subject of the gift in the possession and control of the custodian, but neither the donor's failure to comply with this subsection, nor his designation of an ineligible person as custodian, nor renunciation by the person designated as custodian affects the consummation of the gift. § 683. E£fect of gift (a) A gift made in a manner prescribed in this subchapter is irrevocable and conveys to the minor indefeasibly vested legal title to the security or money given, but a guardian of the minor does not have any right, power, duty or authority with respect to the custodial property except as provided by this subchapter. (b) By nialcing a gift in a manner prescribed by this subchapter, the donor incorporates in his gift all the provisions of this subchapter and grants to the custodian, and to any issuer, transfer agent, bank, savings and Ipan association, broker or third person dealing with a person designated as custodian, the respective powers, rights and immunities provided in this subchapter. § 684. Duties and powers of custodian (a) A custodian shall collect, hold, manage, invest and reinvest the custodial property. (b) A custodian snail pay over to the minor for expenditure by him, or expend for the minor's benefit, so much of or all the custodial property as the custodian deems advisable for the support, maintenance, education and benefit of the minor in the manner, at the time or times, and to the extent that the custodian in his discretion deems suitable and proper, with or without court order, with or without regard to the duty of himself or of any other person to support the minor or his ability to do so, and with or without regard to any other income or property of the minor which may be applicable or available for an}' such purpose.