§ 30-2-5-4 — 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:
(a) 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 an officer thereof and dated within sixty (60) days before the
transfer; or
(b) 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 such a 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
subsection (b) provided such 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
subsection (b) except to the extent that the contents relate directly to
the appointment or incumbency.
Formerly: Acts 1961, c.124, s.4.