T-11.002 - Act respecting the transfer of securities and the establishment of security entitlements

Section 85 Disposition versions

2009-01-01

85. If an endorsed security certificate in registered form is presented to an issuer with a request to register a transfer of the certificated security or an instruction is presented to an issuer with a request to register a transfer of an uncertificated security, the issuer registers the transfer as requested if

(1)  under the terms of the security, the purchaser is eligible to have the security registered in that person’s name;

(2)  the endorsement or instruction is made by the appropriate person or by that person’s representative;

(3)  reasonable assurance is given that the endorsement or instruction is neither forged nor counterfeited and is authorized;

(4)  any applicable fiscal law that imposes duties on the issuer at the time of the transfer has been complied with;

(5)  the transfer does not violate any restriction on transfer imposed by the issuer that is enforceable against the purchaser or imposed by law; and

(6)  the transfer is rightful or is to a protected purchaser.

2008, c. 20, s. 85.