Part 9 — Security Certificates, Registers and Transfers Division 1 Interpretation and Application
209 Effect of unauthorized endorsement
an endorsement against the issuer or a purchaser, other than a good
faith purchaser who has in good faith received a new, re-issued or
re-registered security on registration of transfer, unless the owner
(a) has ratified the unauthori zed endorsement of the security, or
(b) is otherwise precluded from impugning the effectiveness of
the unauthorized endorsement.
(2) An issuer who registers the transfer of a security on an
unauthorized endorsement is liable for improper registration.