Part 9 — Security Certificates, Registers and Transfers Division 1 Interpretation and Application
219 Assurance of endorsement
endorsement on a security is genuine and effective by requiring a
guarantee of the signature of the person endorsing the security and
by requiring,
(a) if the endorsement is by an agent, reasonable assurance of
authority to sign,
(b) if the endorsement is by a fiduciary, evidence of
appointment or incumbency,
(c) if there is more than one f iduciary, reasonable assurance that
all who are required to sign have done so, and
(d) in any other case, assurance that corresponds as closely as is
feasible to the cases set out in clauses (a) to (c).
(2) For the purpose of subsection (1), a guarantee of the signature
of a person is sufficient if it is signed by or on behalf of a person
whom the issuer believes, on reasonable grounds, to be a
responsible person.
(3) An issuer may adopt reasonable standards to determine
responsible persons for the purpose of subsection (2).
(4) For the purpose of subsection (1)(b), the following constitute
sufficient evidence of appointment or incumbency of a fiduciary:
(a) in the case of a fiduciar y of a deceased security holder's
estate or succession, a certified copy of the document
referred to in section 176(1)(c) dated not earlier than 60
days before the day a security is presented for transfer, or
(b) in the case of any other fiduciary, a copy of a document
showing the appointment or other evidence believed by the
issuer to be appropriate.
(5) An issuer may adopt reasonable standards with respect to
evidence referred to in subsection (4)(b).
(6) An issuer is deemed not to have notice of the contents of a
document referred to in subsection (4) that is obtained by the issuer
except to the extent that the contents relate directly to appointment
or incumbency.