§ 41–156.03. Payment or delivery of property to Administrator.

(a) Except as otherwise provided in this section, on filing a report under § 41-154.01, the holder shall pay or deliver to the Administrator the property described in the report.

(b) If property in a report under § 41-154.01 is an automatically renewable deposit and a penalty or forfeiture in the payment of interest would result from paying the deposit to the Administrator at the time of the report, the date for payment of the property to the Administrator is extended until a penalty or forfeiture no longer would result from payment, if the holder informs the Administrator of the extended date.

(c) Tangible property in a safe-deposit box may not be delivered to the Administrator until 120 days after filing the report under § 41-154.01.

(d) If property reported to the Administrator under § 41-154.01 is a security, the Administrator may:

(1) Make an endorsement, instruction, or entitlement order on behalf of the apparent owner to invoke the duty of the issuer, its transfer agent, or the securities intermediary to transfer the security; or

(2) Dispose of the security under § 41-157.02.

(e) If the holder of property reported to the Administrator under § 41-154.01 is the issuer of a certificated security, the Administrator may obtain a replacement certificate in physical or book-entry form under § 28:8-405. An indemnity bond is not required.

(f) The Administrator shall establish procedures for the registration, issuance, method of delivery, transfer, and maintenance of securities delivered to the Administrator by a holder.

(g) An issuer, holder, and transfer agent or other person acting under this section under instructions of and on behalf of the issuer or holder is not liable to the apparent owner for, and shall be paid by the Administrator for the value of the property turned over to the Administrator by the District against, a claim arising with respect to property after the property has been delivered to the Administrator.

(h) A holder is not required to deliver to the Administrator a security identified by the holder as a non-freely transferable security. If the Administrator or holder determines that a security is no longer a non-freely transferable security, the holder shall deliver the security on the next regular date prescribed for delivery of securities under this chapter. The holder shall make a determination annually whether a security identified in a report filed under § 41-154.01 as a non-freely transferable security is no longer a non-freely transferable security.