47-8205

47-8205. Effect of unauthorized signature on
security certificate

An unauthorized signature placed on a security certificate before or in the course
of issue is ineffective, but the signature is effective in favor of a purchaser for value
of the certificated security if the purchaser is without notice of the lack of authority
and the signing has been done by:

1. An authenticating trustee, registrar, transfer agent or other person entrusted
by the issuer with the signing of the security certificate or of similar security
certificates, or the immediate preparation for signing of any of them; or

2. An employee of the issuer, or of any of the persons listed in paragraph 1,
entrusted with responsible handling of the security certificate.