Evidence of appointment or incumbency
Sec. 4. A corporation or transfer agent making a transfer pursuant
to an assignment by a fiduciary who is not the registered owner shall
obtain the following evidence of appointment or incumbency:
(a) In the case of a fiduciary appointed or qualified by a court, a
certificate issued by or under the direction or supervision of that
court or an officer thereof and dated within sixty (60) days before the
transfer; or
(b) In any other case, a copy of a document showing the
appointment or a certificate issued by or on behalf of a person
reasonably believed by the corporation or transfer agent to be
responsible or, in the absence of such a document or certificate, other
evidence reasonably deemed by the corporation or transfer agent to
be appropriate. Corporations and transfer agents may adopt standards
with respect to evidence of appointment or incumbency under this
subsection (b) provided such standards are not manifestly
unreasonable. Neither the corporation nor transfer agent is charged
with notice of the contents of any document obtained pursuant to this
subsection (b) except to the extent that the contents relate directly to
the appointment or incumbency.
(Formerly: Acts 1961, c.124, s.4.)
Last modified: May 27, 2006