17-4906.   Evidence of appointment or incumbency.A corporation or transfer agent making a transfer pursuant to anassignment by a fiduciary who is not the registered owner shall obtain thefollowing evidence of appointment or incumbency:

      (a)   In the case of a fiduciary appointed or qualified by a court, acertificate issued by or under the direction or supervision of that courtor an officer thereof and dated within sixty days before the transfer; or

      (b)   In any other case, a copy of a document showing the appointment or acertificate issued by or on behalf of a person reasonably believed by thecorporation or transfer agent to be responsible or, in the absence of sucha document or certificate, other evidence reasonably deemed by thecorporation or transfer agent to be appropriate.

      Corporations and transfer agents may adopt standards with respect toevidence of appointment or encumbency under this subsection provided suchstandards are not manifestly unreasonable. Neither the corporation nortransfer agent is charged with notice of the contents of any documentobtained pursuant to this paragraph (b) except to the extent that thecontents relate directly to the appointment or incumbency.

      History:   L. 1961, ch. 123, § 4; July 1.