§ 306.11 Forms of registration for transferable securities.
The forms of registration described below are authorized for transferable securities:
(a) Natural persons in their own right. In the names of natural persons who are not under any legal disability, in their own right, substantially as follows:
(1) One person. In the name of one individual. Examples:
John A. Doe (123–45–6789).
Mrs. Mary C. Doe. (123–45–6789).
Miss Elizabeth Jane Doe (123–45–6789).
An individual who is sole proprietor of a business conducted under a trade name may include a reference to the trade name. Examples:
John A. Doe, doing business as Doe's Home Appliance Store (123–45–6789).
or
John A. Doe (123–45–6789), doing business as Doe's Home Appliance Store.
(2) Two or more persons—general. Securities will not be registered in the name of one person payable on death to another, or in any form which purports to authorize transfer by less than all the persons named in the registration (or all the survivors).[3] Securities will not be registered in the forms John A. Doe and Mrs. Mary C. Doe, or either of them or William C. Doe or Henry J. Doe, or either of them and securities so assigned will be treated as though the words or either of them do not appear in the assignments. The taxpayer identifying number of any of the joint owners may be shown on securities registered in joint ownership form.
(i) With right of survivorship. In the names of two or more individuals with right of survivorship. Examples:
John A. Doe (123–45–6789) or Mrs. Mary C. Doe or the survivor.
John A. Doe (123–45–6789) or Mrs. Mary C. Doe or Miss Mary Ann Doe or the survivors or survivor.
John A. Doe (123–45–6789) or Mrs. Mary C. Doe.
John A. Doe (123–45–6789) and Mrs. Mary C. Doe.
John A. Doe (123–45–6789) and Mrs. Mary C. Doe as joint tenants with right of survivorship and not as tenants in common.
Limited to husband and wife:
John A. Doe (123–45–6789) and Mrs. Mary C. Doe, as tenants by the entireties.
(ii) Without right of survivorship. In the names of two or more individuals in such manner as to preclude the right of survivorship. Examples:
John A. Doe (123–45–6789) and William B. Doe as tenants in common.
John A. Jones as natural guardian of Henry B. Jones, a minor, and Robert C. Jones (123–45–6789), without right of survivorship.
Limited to husband and wife:
Charles H. Brown (123–45–6789) and Ann R. Brown, as partners in community.
(b) Minors and incompetents —
(1) Natural guardians of minors. A security may be registered in the name of a natural guardian of a minor for whose estate no legal guardian or similar representative has legally qualified. Example:
John R. Jones as natural guardian of Henry M. Jones, a minor (123–45–6789).
Either parent with whom the minor resides, or if he does not reside with either parent, the person who furnishes his chief support, will be recognized as his natural guardian and will be considered a fiduciary. Registration in the name of a minor in his own right as owner or as joint owner is not authorized. Securities so registered, upon qualification of the natural guardian, will be treated as though registered in the name of the natural guardian in that capacity.
(2) Custodian under statute authorizing gifts to minors. A security may be purchased as a gift to a minor under a gifts to minors statute in effect in the State in which either the donor or the minor resides. The security should be registered as provided in the statute, with an identifying reference to the statute if the registration does not clearly identify it. Examples:
William C. Jones, as custodian for John A. Smith, a minor (123–45–6789), under the California Uniform Gifts to Minors Act.
Robert C. Smith, as custodian for Henry L. Brown, a minor (123–45–6789), under the laws of Georgia; Chapter 48–3, Code of Ga. Anno.
(3) Incompetents not under guardianship. Registration in the form John A. Brown, an incompetent (123–45–6789), under voluntary guardianship, is permitted only on reissue after a voluntary guardian has qualified for the purpose of collecting interest. (See §§ 306.37(c)(2) and 306.57(c)(2)). Otherwise, registration in the name of an incompetent not under legal guardianship is not authorized.
(c) Executors, administrators, guardians, and similar representatives or fiduciaries. A security may be registered in the names of legally qualified executors, administrators, guardians, conservators, or similar representatives or fiduciaries of a single estate. The names and capacities of all the representatives or fiduciaries, as shown in their letters of appointment, must be included in the registration and must be followed by an adequate identifying reference to the estate. Examples:
John Smith, executor of will (or administrator of estate) of Henry J. Jones, deceased (12–3456789).
William C. Jones, guardian (or conservator, etc.) of estate of James D. Brown, a minor (or an incompetent) (123–45–6789).
(d) Life tenant under will. A security may be registered in the name of a life tenant followed by an adequate identifying reference to the will. Example:
Anne B. Smith, life tenant under the will of Adam A. Smith, deceased (12–3456789).
The life tenant will be considered a fiduciary.
(e) Private trust estates. A security may be registered in the name and title of the trustee or trustees of a single duly constituted private trust, followed by an adequate identifying reference to the authority governing the trust. Examples:
John Jones and Blank Trust Co., Albany, NY, trustees under will of Sarah Jones, deceased (12–3456789).
John Doe and Richard Roe, trustees under agreement with Henry Jones dated February 9, 1970 (12–3456789).
The names of all trustees, in the form used in the trust instrument, must be included in the registration, except as follows:
(1) If there are several trustees designated as a board or authorized to act as a unit, their names should be omitted and the words Board of Trustees substituted for the word trustees. Example:
Board of Trustees of Blank Co. Retirement Fund, under collective bargaining agreement dated June 30, 1970 (12–3456789).
(2) If the trustees do not constitute a board or otherwise act as a unit, and are either too numerous to be designated in the inscription by names and title, or serve for limited terms, some or all of the names may be omitted. Examples:
John Smith, Henry Jones, et al., trustees under will of Henry J. Smith, deceased (12–3456789).
Trustees under will of Henry J. Smith, deceased (12–3456789).
Trustees of Retirement Fund of Industrial Manufacturing Co., under directors' resolution of June 30, 1950 (12–3456789).
(f) Private organizations (corporations, unincorporated associations and partnerships). A security may be registered in the name of any private corporation, unincorporated association, or partnership, including a nominee, which for purposes of these regulations is treated as the owner. The full legal name of the organization, as set forth in its charter, articles of incorporation, constitution, partnership agreement, or other authority from which its powers are derived, must be included in the registration and may be followed, if desired, by a reference to a particular account or fund, other than a trust fund, in accordance with the rules and examples given below:
(1) A corporation. The name of a business, fraternal, religious, or other private corporation must be followed by descriptive words indicating the corporate status unless the term corporation or the abbreviation Inc. is part of the name or the name is that of a corporation or association organized under Federal law, such as a national bank or Federal savings and loan association. Examples:
Smith Manufacturing Co., a corporation (12–3456789).
The Standard Manufacturing Corp. (12–3456789).
Jones & Brown, Inc.—Depreciation Acct. (12–3456789).
First National Bank of Albemarle (12–3456789).
Abco & Co., Inc., a nominee corporation (12–3456789).
(2) An unincorporated association. The name of a lodge, club, labor union, veterans' organization, religious society, or similar self-governing organization which is not incorporated (whether or not it is chartered by or affiliated with a parent organization which is incorporated) must be followed by the words an unincorporated association. Examples:
American Legion Post No. __, Department of the D.C., an unincorporated association (12–3456789).
Local Union No. 100, Brotherhood of Locomotive Engineers, an unincorporated association (12–3456789).
Securities should not be registered in the name of an unincorporated association if the legal title to its property in general, or the legal title to the funds with which the securities are to be purchased, is held by trustees. In such a case the securities should be registered in the title of the trustees in accordance with paragraph (e) of this section. The term unincorporated association should not be used to describe a trust fund, a partnership or a business conducted under a trade name.
(3) A partnership. The name of a partnership must be followed by the words a partnership. Example:
Smith & Brown, a partnership (12–3456789).
Acme Novelty Co., a limited partnership (12–3456789).
Abco & Co., a nominee partnership (12–3456789).
(g) States, public bodies, and corporations and public officers. A security may be registered in the name of a State or county, city, town, village, school district, or other political entity, public body or corporation established by law (including a board, commission, administration, authority or agency) which is the owner or official custodian of public funds, other than trust funds, or in the full legal title of the public officer having custody. Examples:
State of Maine.
Town of Rye, NY.
Maryland State Highway Administration.
Treasurer, City of Springfield, IL.
Treasurer of Rhode Island—State Forestry Fund.
(h) States, public officers, corporations or bodies as trustees. A security may be registered in the title of a public officer or in the name of a State or county or a public corporation or public body acting as trustee under express authority of law. An appropriate reference to the statute creating the trust may be included in the registration. Examples:
Insurance Commissioner of Pennsylvania, trustee for benefit of policyholders of Blank Insurance Co. (12–3456789), under Sec. __, Pa. Stats.
Rhode Island Investment Commission, trustee of General Sinking Fund under Ch. 35, Gen. Laws of RI.
State of Colorado in trust for Colorado Surplus Property Agency.
[38 FR 7078, Mar. 15, 1973; 38 FR 8153, Mar. 29, 1973]
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