Time of control; holding constituting single custodianship.

Sec. 15. (1) A transferor shall place the custodian in control of the custodial property as soon as practicable. (2) A transfer shall be made only for 1 minor, and only 1 person shall be the custodian. Custodial property held under this act by the same custodian for the benefit of the same minor constitutes a single custodianship.