Pennsylvania Act 1957-307 — RELATING TO FIDUCIARIES HOLDING PROPERTY FOR POLITICAL SUBDIVISIONS

Act text

RELATING TO FIDUCIARIES HOLDING PROPERTY FOR POLITICAL SUBDIVISIONS
                  Act of Jul. 8, 1957, P.L. 555, No. 307              Cl. 53
                                  AN ACT

     Relating to fiduciaries holding property for political
        subdivisions; prescribing the procedure for the filing of
        accounts and the discharge of fiduciaries, and granting
        powers and imposing duties on the courts of common pleas.

        The General Assembly of the Commonwealth of Pennsylvania
     hereby enacts as follows:

        Section 1.  Whenever any person holds property in a fiduciary
     capacity for a political subdivision of this Commonwealth, or
     for any of the official purposes thereof, and it shall appear to
     be in the public interest that the trust or fiduciary
     relationship concerned be terminated and the funds distributed
     to the political subdivision or subdivisions concerned, such
     person may, by petition filed in the court of common pleas of
     the county wherein the political subdivision is situate, request
     permission to file an account, make distribution of the assets,
     and be discharged.
        Section 2.  If so authorized by the court, the fiduciary
     shall file his account and give notice thereof by publication or
     otherwise as the court may direct. The court shall examine and
     audit the account and if no objections or exceptions are
     presented or filed within a time fixed by the court or if the
     objections or exceptions filed are dismissed, the court shall
     confirm the account and direct the distribution of the assets
     held by the fiduciary to the political subdivision or
     subdivisions concerned, either absolutely or otherwise, as may
     be determined by the court.
        Section 3.  The court may make such orders and decrees as may
     be necessary to transfer any property interest and such orders
     or decrees shall be authority to all transfer agents and others
     to transfer securities or other property interests held by the
     fiduciary.
        Section 4.  The court shall discharge the fiduciary when it
     determines that the fiduciary has complied with all its orders.