Page:United States Statutes at Large Volume 78.djvu/714

 672

PUBLIC LAW 88-509-AUG. 30, 1964

[78 STAT.

Subchapter II—Computation of Time §28-2711. Daylight-saving time The Board of Commissioners of the District of Columbia may advance the standard time applicable to the District one hour for the period commencing not earlier than the last Sunday of April and ending not later than the last Sunday of October, of each year. Any such time established by the Commissioners under the authority of this section, during the period of the year for which it is applicable, is the standard time for the District of Columbia. CHAPTER 29—FIDUCIARY SECURITY TRANSFERS Sec.

28-2901. 28-2902. 28-2903. 28-2904. 28-2905. 28-2906. 28-2907. 28-2908. 28-2909.

Definitions. Registration in name of fiduciary. Assignment by fiduciary. Evidence of appointment of incumbency. Adverse claims. Nonliability of corporation and transfer agent. Nonliability of third persons. Territorial applicability. Tax obligations,

§28-2901. Definitions I n this chapter, unless the context otherwise requires: (1) "assignment" includes a written stock power, bond power, bill of sale, deed, declaration of trust or other instrument of transfer; (2) "claim of beneficial interest" includes a claim of any interest by a decedent's legatee, distributee, heir or creditor, a beneficiary under a trust, a ward, a beneficial owner of a security registered in the name of a nominee, or a minor owner of a security registered in the name of a custodian, or a claim of a similar interest, whether the claim is asserted by the claimant or by a fiduciary or by any other authorized person on his behalf, and includes a claim that the transfer would be in breach of fiduciary duties; (3) "corporation" means a private or public corporation, association or trust issuing a security; (4) "fiduciary" means an executor, administrator, trustee, guardian, committee, conservator, curator, tutor, custodian, or nominee; (5) "person" includes an individual, a corporation, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, two or more persons having a joint or common interest, or other legal or commercial entity; (6) "security" includes a share of stock, bond, debenture, note or other security issued by a corporation which is registered as to ownership on the books of the corporation; (7) "transfer" means a change on the books of a corporation in the registered ownership of a security; (8) "transfer agent" means a person employed or authorized by a corporation to transfer securities issued by the corporation. § 28-2902. Registration in name of a fiduciary A corporation or transfer agent registering a security in the name of a person who is a fiduciary or who is described as a fiduciary is not bound to inquire into the existence, extent, or correct description of the fiduciary relationship, and thereafter the corporation and its transfer agent may assume without inquiry that the newly registered owner continues to be the fiduciary until the corporation or transfer

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