Uniform Acts Drafting Conventions

UNIFORM SECURITIES TRANSFER ACT

[Note: This Act does not include a Commentary. A Commentary was presented to the Conference, but it included copyright material that was not for reproduction. It has therefore been removed.]


TABLE OF CONTENTS


PART 1 - INTERPRETATION, COMMUNICATIONS, APPLICATION AND OTHER GENERAL PROVISIONS
1    Interpretation
2    Uniform interpretation
3    Control
4    Delivery
5    Financial asset, etc.
6    Conspicuous
7    Validity of security
8    Guarantor as an issuer
9    Value
10    Communication and service
11    Notification and knowledge
12    Act applies to Crown
13    Obligation of good faith, etc.

PART 2 - GENERAL MATTERS CONCERNING SECURITIES AND FINANCIAL ASSETS

DIVISION 1 - RULES FOR DETERMINING WHETHER CERTAIN OBLIGATIONS AND INTERESTS ARE SECURITIES OR FINANCIAL ASSETS

14    Share of corporation, etc.
15    Mutual fund security
16    Interests in partnerships, etc.
17    Bills of exchange and promissory notes
18    Depository bills and depository notes
19    Clearing agency options, etc.
20    Commodity contracts

DIVISION 2 - ACQUISITION OF SECURITY OR FINANCIAL ASSETS OR INTEREST IN THEM

21    Acquisition of security
22    Acquisition of financial assets
23    Rights
24    Operation of Act re other laws

DIVISION 3 - NOTICE OF ADVERSE CLAIMS

25    Notice of adverse claim
26    Notice of adverse claim re representative
27     Effect of delay
28    Certificated security re notice of adverse claim
29    Financing statement

DIVISION 4 - CONTROL

30    When purchaser has control of certificated security
31    Purchaser’s control of uncertificated security
32    Purchaser’s control of security entitlement
33    Security entitlement; securities intermediary’s control
34    Entering into agreements, etc. re uncertificated security
35    Entering into agreements, etc. re security entitlement

DIVISION 5 - ENDORSEMENTS, INSTRUCTIONS AND ENTITLEMENT ORDERS
36    Effectiveness of endorsement, etc.
37    Endorsement, etc. made by representative
38    Endorsement, etc. remains effective
39    Date of effectiveness re endorsement, etc.

DIVISION 6 - WARRANTIES
40    Warranties; direct holdings; transfer of certificated security
41    Warranties, direct holding, transfer of uncertificated security
42    Warranty to issuer; endorsement of security certificate
43    Warranty to issuer; instruction re uncertificated security
44    Warranty to issuer; presentation of security certificate
45    Warranty; agent delivering certificated security
46    Warranty; redelivery of security certificate, etc.
47    Warranty; broker
48    Warranties; indirect holding; entitlement order
49    Warranty; delivery of security certificate
50    Warranty; delivery, etc. by securities intermediary

DIVISION 7 - APPLICATION AND CONFLICT OF LAWS
51     Applicable law re issuer
52    Applicable law re securities intermediary
53    Jurisdiction re security certificate
54     Clearing agency rules prevail

DIVISION 8 - SEIZURE
55    Civil enforcement
56    Creditor’s legal process; certificated security
57    Creditor’s legal process; uncertificated security
58    Creditor’s legal process; security entitlement
59    Creditor’s legal process; secured party
60    Assistance by court re creditor

DIVISION 9 - ENFORCEABILITY OF CONTRACT AND RULES OF EVIDENCE
61    Statute of Frauds inapplicable
62    Rules of evidence re action on certificated security

DIVISION 10 - INTERMEDIARIES’ LIABILITY TO ADVERSE CLAIMANTS AND INTERMEDIARIES AS PURCHASERS FOR VALUE
63    Not liable to adverse claimant
64    Securities intermediary purchaser for value

PART 3 - ISSUE AND ISSUER

65    Terms of security re defence or defect
66    Validity of security re defect
67    Lack of genuineness of certificated security
68    Other defences
69    Security held by securities intermediary
70    When issued securities
71    Staleness as notice of defence or defect
72    Effect of issuer’s restriction on transfer
73    Effect of unauthorized signature on security certificate
74    Completion of security certificate
75    Rights and duties of issuer re registered owner
76    Effect of signature of authenticating trustee, etc.
77    Issuer’s lien
78    Overissue

PART 4 - TRANSFER OF CERTIFICATED AND UNCERTIFICATED SECURITIES

DIVISION 1 - DELIVERY AND RIGHTS OF PURCHASER

79    Delivery of security
80    Rights of purchaser
81    Protected purchaser

DIVISION 2 - ENDORSEMENTS AND INSTRUCTIONS
82    Endorsement
83    Endorsement of part of a security certificate
84    When endorsement constitutes delivery
85    Endorsement missing
86    Notice of adverse claim re endorsement
87    Obligations of endorser
88    Completion of instruction
89    Obligation of person initiating instruction

DIVISION 3 - SIGNATURE GUARANTEES AND OTHER REQUISITES FOR REGISTRATION OF TRANSFER

90    Guarantee; signature of endorser of security certificate
91    Guarantee; signature of originator of instruction
92    Special guarantee of signature of originator
93    Rightfulness of transfer
94    Guarantee; condition to transfer
95    Liability of guarantor, endorser and originator
96    Purchaser’s right to requisites for registration of transfer

PART 5 - REGISTRATION

97    Duty of issuer to register transfer
98    Assurance; effectiveness of endorsement or instruction
99    Demand that issuer not register transfer
100    Duty of issuer re demand
101    Liability of issuer re demand
102    Wrongful registration
103    Replacement of lost, destroyed or wrongfully taken security certificate
104    Obligation to notify issuer of lost, destroyed or wrongfully taken security certificate
105    Authenticating trustee, transfer agent, etc.

PART 6 - SECURITY ENTITLEMENTS
106    Acquisition of security entitlement from securities intermediary
107    Assertion of adverse claim against entitlement holders
108    Property interest of entitlement holder re asset held by securities intermediary
109    Duty of securities intermediary re financial asset
110    Duty of securities intermediary re payments and distributions
111    Duty of securities intermediary to exercise rights
112    Duty of securities intermediary to comply with entitlement order
113    Duty of securities intermediary re entitlement holder’s position
114    Other statutes, etc. re securities intermediary
115    Rights of purchaser re security entitlement
116    Priority re security interests and entitlement holders

PART 7 - TRANSITIONAL PROVISIONS, CONSEQUENTIAL AMENDMENTS AND COMING INTO FORCE
117    Existing actions
118-120    Consequential amendments
121    Coming into force

Next Annual Meeting

2018 Conference (Centennial)

Delta Hotel

Québec City, QC

August 12 - 16, 2018