Montana Code 17-5-1112. Certificated public obligation — execution — authentication
17-5-1112. Certificated public obligation — execution — authentication. (1) A certificated public obligation must be executed by the issuer by:
Terms Used In Montana Code 17-5-1112
- Authorized officer: means , with respect to any certificated public obligation:
(i)an individual whose signature to the certificated public obligation is required or permitted; or
(ii)an individual who may be permitted by an authorized officer, either alone or with the concurrence of another or others, to affix the individual's signature to the certificated public obligation and who is so permitted in writing by the authorized officer with any required concurrence. See Montana Code 17-5-1102
- Certificated public obligation: means an obligation that is:
(a)issued pursuant to a system of registration;
(b)represented by an instrument; and
(c)either one of a class or series or by its terms is divisible into a class or series of obligations. See Montana Code 17-5-1102
- Facsimile signature: means the reproduction by engraving, imprinting, stamping, or other means of the manual signature of an authorized officer. See Montana Code 17-5-1102
- Issuer: means a public entity that:
(a)executes a certificated public obligation to evidence its duty to perform an obligation represented by the certificated public obligation;
(b)undertakes to perform an obligation that is an uncertificated public obligation; or
(c)becomes responsible for or in place of a public entity described as an issuer in this subsection (7). See Montana Code 17-5-1102
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Obligation: means an agreement of an issuer to pay principal and interest and includes a share, participation, or other interest in the agreement. See Montana Code 17-5-1102
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
- Public obligation: means either a certificated or an uncertificated public obligation. See Montana Code 17-5-1102
- Trustee: A person or institution holding and administering property in trust.
(a)the signing by an authorized officer with the manual signature of such officer; or
(b)the signing by such officer with a facsimile signature in lieu of the manual signature of such officer.
(2)Each certificated public obligation may, in addition to the signature or signatures of an authorized officer or officers, have placed upon it a certificate or certificates as authenticating trustee, registrar, transfer agent, or the like. Such certificate may be signed by the manual signature of an individual or by a facsimile signature in lieu of a manual signature, provided that at least one certificate is signed by a manual signature.
(3)The certificated public obligation must bear the manual signature of either:
(a)an authorized officer as defined in 17-5-1102; or
(b)a person described in subsection (2).