Rhode Island General Laws 18-11-5. Evidence of appointment or incumbency
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:
(1) 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 its officer and dated within sixty (60) days before the transfer; or
(2) 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 that 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 subdivision provided these 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 subdivision, except to the extent that the contents relate directly to the appointment or incumbency.
History of Section.
P.L. 1959, ch. 85, § 5.
Terms Used In Rhode Island General Laws 18-11-5
- Assignment: includes any written stock power, bond power, bill of sale, deed, declaration of trust, or other instrument of transfer. See Rhode Island General Laws 18-11-2
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means a private or public corporation, association, or trust issuing a security. See Rhode Island General Laws 18-11-2
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Fiduciary: A trustee, executor, or administrator.
- Fiduciary: means an executor, administrator, trustee, guardian, committee, conservator, curator, tutor, custodian, or nominee. See Rhode Island General Laws 18-11-2
- Person: includes an individual, a corporation, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, two (2) or more persons having a joint or common interest, or any other legal or commercial entity. See Rhode Island General Laws 18-11-2
- Transfer: means a change on the books of a corporation in the registered ownership of a security. See Rhode Island General Laws 18-11-2
- Transfer agent: means a person employed or authorized by a corporation to transfer securities issued by the corporation. See Rhode Island General Laws 18-11-2