Depository bank
Encyclopedia
A depository bank is a bank organized in the United States
which provides all the stock transfer and agency services in connection with a depository receipt program. This function includes arranging for a custodian
to accept deposits of ordinary shares, issuing the negotiable receipts which back up the shares, maintaining the register of holders to reflect all transfers and exchanges, and distributing dividends in U.S. dollars.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
which provides all the stock transfer and agency services in connection with a depository receipt program. This function includes arranging for a custodian
Custodian bank
A Custodian bank, or simply custodian, is a specialized financial institution responsible for safeguarding a firm's or individual's financial assets and is not likely to engage in "traditional" commercial or consumer/retail banking such as mortgage or personal lending, branch banking, personal...
to accept deposits of ordinary shares, issuing the negotiable receipts which back up the shares, maintaining the register of holders to reflect all transfers and exchanges, and distributing dividends in U.S. dollars.