Canada Business Corporations Act (R.S.C., 1985, c. C-44)

Act current to 2013-04-29 and last amended on 2011-11-29. Previous Versions

Registration

Marginal note:Duty to register transfer

  • 76. (1) Where a security in registered form is presented for transfer, the issuer shall register the transfer if

    • (a) the security is endorsed by an appropriate person as defined in section 65;

    • (b) reasonable assurance is given that that endorsement is genuine and effective;

    • (c) the issuer has no duty to inquire into adverse claims or has discharged any such duty;

    • (d) any applicable law relating to the collection of taxes has been complied with;

    • (e) the transfer is rightful or is to a bona fide purchaser; and

    • (f) any fee referred to in subsection 49(2) has been paid.

  • Marginal note:Liability for delay

    (2) Where an issuer has a duty to register a transfer of a security, the issuer is liable to the person presenting it for registration for loss resulting from any unreasonable delay in registration or from failure or refusal to register the transfer.

  • 1974-75-76, c. 33, s. 71;
  • 1978-79, c. 9, s. 1(F).
Marginal note:Assurance that endorsement effective

  • 77. (1) An issuer may require an assurance that each necessary endorsement on a security is genuine and effective by requiring a guarantee of the signature of the person endorsing, and by requiring

    • (a) if the endorsement is by an agent or mandatary, 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 fiduciary, reasonable assurance that all who are required to sign have done so; and

    • (d) in any other case, assurance that corresponds as closely as practicable to the foregoing.

  • Definition of “guarantee of the signature”

    (2) For the purposes of subsection (1), a “guarantee of the signature” means a guarantee signed by or on behalf of a person reasonably believed by the issuer to be responsible.

  • Marginal note:Standards

    (3) An issuer may adopt reasonable standards to determine responsible persons for the purpose of subsection (2).

  • Definition of “evidence of appointment or incumbency”

    (4) In paragraph (1)(b), “evidence of appointment or incumbency” means

    • (a) in the case of a fiduciary appointed by a court, a copy of the order certified in accordance with subsection 51(7), and dated not earlier than sixty days before the date a security is presented for transfer; or

    • (b) in any other case, a copy of a document showing the appointment or other evidence believed by the issuer to be appropriate.

  • Marginal note:Standards

    (5) An issuer may adopt reasonable standards with respect to evidence for the purposes of paragraph (4)(b).

  • Marginal note:No notice to issuer

    (6) An issuer is deemed not to have notice of the contents of any document referred to in subsection (4) except to the extent that the contents relate directly to appointment or incumbency.

  • Marginal note:Notice from excess documentation

    (7) If an issuer demands assurance additional to that specified in this section for a purpose other than that specified in subsection (4) and obtains a copy of a will, trust or partnership agreement, by-law or similar document, the issuer is deemed to have notice of all matters contained therein affecting the transfer.

  • R.S., 1985, c. C-44, s. 77;
  • 2011, c. 21, s. 39(E).
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