Section 31a.9. Custody of investments

(a) Segregation of trust assets and joint custody. The investments of each account shall be kept separate from the assets of the association and shall be placed in the joint custody or control of not fewer than two of the officers or employes of the association designated for that purpose either by the board of directors of the association or by one or more officers designated by the board of directors of the association, and all such officers and employes shall be adequately bonded. To the extent permitted by law, an association may permit the investments of a fiduciary account to be deposited elsewhere.

(b) Segregation of accounts. The investments of each account shall be one of the following:

(1) Kept separate from those of all other accounts, except as provided in § 31a.11 (relating to collective investment).

(2) Adequately identified as the property of the relevant account.