Bill S-9
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SUMMARY |
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This enactment creates two new securities for use in debt markets:
the depository bill and the depository note. It also establishes a legal
regime for the new securities. A depository bill or note is an instrument
that is intended to be held by a clearing house and traded in a book-entry
system operated by a clearing house.
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The enactment ensures that a purchaser of a depository bill or note
has the same legal rights, with appropriate modifications, as a purchaser
of a bill or note under the Bills of Exchange Act, even though the
depository bill or note is not actually delivered to the purchaser.
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The enactment also amends the Financial Administration Act to
permit the assignment of securities issued under Part IV of that Act.
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