Mr. Mariano Tan
SEC Opinion • Securities and Exchange Commission • Opinions • Apr 5, 1983
Full text
April 5, 1983 Mr. Mariano Tan P.O. Box 687 Manila Sir : This refers to your letter, dated February 27, 1982, requesting information as regards indorsement of stock certificates. LexLib The provision of the Corporation Code relevant to your query, provides, thus: "SECTION 63. ...shares of stock so issued are personal property and may be transferred by delivery of the certificate or certificates indorsed by the owner or his attorney-in-fact or other person legally authorized to make the transfer. ..." Accordingly, if the certificate of stock was issued in the name of H (husband),the same can only be transferred by indorsement and delivery by H or his duly authorized agent. His wife's indorsement is not necessary if the certificate of stock was not issued jointly with her. Corollary thereto, please be informed that no transfer shall be valid except as between the parties, until the transfer is recorded in the stock and transfer book of the corporation so as to show the names of the parties to the transaction, the date of the transfer, the number of the certificate or certificates and the number of shares transferred. (Sec. 63, CCP). cdlex Please be advised accordingly. Very truly yours, (SGD.) JESUS J. VALDES Associate Commissioner
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