T-11.002 - Act respecting the transfer of securities and the establishment of security entitlements

Section 50 Disposition versions

2009-01-01

50. Delivery of a certificated security occurs when the purchaser acquires possession of the security certificate or another person acquires possession of the security certificate on behalf of the purchaser or, having previously acquired possession of the security certificate, acknowledges that the person holds the security certificate for the purchaser.

When the person who acquires possession of the security certificate on behalf of the purchaser is a securities intermediary, however, delivery of the certificated security only occurs if the security certificate is in registered form and

(1)  the security certificate is registered in the name of the purchaser;

(2)  the security certificate is payable to the order of the purchaser; or

(3)  the security certificate is specially endorsed to the purchaser by an effective endorsement and has not been endorsed to the securities intermediary or in blank.

2008, c. 20, s. 50.